At its meeting on January 25, 2018, the IASB discussed feedback from phase 2 of the Post-implementation Review (PIR) of IFRS 13, Fair Value Measurement (IFRS 13), including feedback from: (i) the Request for Information on IFRS 13, published in May 2017 and closed for comment in September 2017; (ii) the external academic literature review, conducted from June to November 2017; and (iii) research by staff, completed during phase 2 of the PIR. 

The work in phase 2 of the PIR focused on: (i) disclosures about fair value measurements to gain a deeper understanding of both users’ and preparers’ perspectives on the usefulness of fair value measurement disclosures; (ii) whether to prioritise Level 1 inputs or the unit of account (the ‘p x q’ issue). The staff assessed the extent and effect of the issue as well as examining current practice; (iii) application of the concept of the ‘highest and best use’ when measuring the fair value of non-financial assets to better understand the challenges when applying this concept and whether further support could be helpful; (iv) application of judgement in some  areas to assess the challenges and whether further support could be helpful; and (v) whether there is a need for further material, such as education material, on measuring the fair value of biological assets and unquoted equity instruments.

The Board was not asked to make any decisions. The Board will discuss at a future meeting whether to take any steps as a result of this feedback.

Review the IASB Update and podcast on the IASB's Web site.