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ESMA issues report on the application of IFRS 13

  • ESMA (European Securities and Markets Authority) Image

Jul 12, 2017

On July 12, 2017, the Eu­ro­pean Se­cu­ri­ties and Mar­kets Au­thor­ity (ESMA), issued a report, “Review of Fair Value Mea­sure­ment in the IFRS Financial State­ments.” The report provides an overview of the ap­pli­ca­tion of fair value mea­sure­ment and dis­clo­sure re­quire­ments in IFRS 13, “Fair Value Mea­sure­ments,” as applied by European issuers

The review focused on four key topics, which included (1) fair value dis­clo­sures, (2) unit of account, (3) level of market activity and fair value, and (4) valuation ad­just­ments for de­riv­a­tives. The review found that the Standard has “generally been well in­cor­po­rated in the financial state­ments of the issuers in the sample.” However, the report noted that com­pli­ance and com­pa­ra­bil­ity in the ap­pli­ca­tion of IFRS 13 could improve.

The results of this review will con­tribute to the IASB’s post-im­ple­men­ta­tion review of IFRS 13.

For more in­for­ma­tion, see the press release and report on the ESMA’s Web site.

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