Post-implementation review of IFRS 13 - IASB

Date recorded:

At its meeting on January 18, 2017, the IASB met to discuss Phase 1 of the Post-implementation Review (PIR) of IFRS 13 Fair Value Measurement. The Board discussed the following matters, for which no decisions were made:

  1. the PIR process, background information on IFRS 13 and work streams related to fair value measurement;
  2. whether convergence between IFRS 13 and Topic 820 Fair Value Measurement in US GAAP has been compromised as a result of subsequent standard-setting work;
  3. activities and feedback during Phase 1 of the PIR; and
  4. a ‘scoping review’ to identify relevant issues raised in academic literature on fair value measurement.

The Board also discussed the next steps in the PIR and tentatively decided to:

  1. proceed with Phase 2 of the PIR;
  2. focus the scope of the PIR on: (a) the effectiveness of disclosures about fair value measurements; (b) the unit of account and fair value measurement of quoted investments; (c) the application of judgement in specific areas; and (d) the application of highest and best use when measuring the fair value of non-financial assets. In addition, the PIR will explore the need for education on measuring the fair value of biological assets and unquoted equity instruments; and
  3. conduct the following activities during Phase 2 of the PIR: (a) issue a request for information (RFI) with questions in the areas included in (ii) above; (b) review academic and non-academic literature; (c) conduct outreach on the questions included in the RFI, with additional consultations with investors and preparers to assess what information is useful and what information is costly to compare in respect of disclosures about fair value measurement; and (d) gather additional evidence to supplement the information received from the above activities.

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