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Fair Value Measurement

Date recorded:

Measuring the fair value of difficult-to-value assets and liabilities (including unquoted equity instruments)

Without much discussion, the Boards agreed not to provide specific guidance for measuring the fair value of difficult-to-value assets and liabilities (including unquoted equity instruments) in the converged fair value measurement Standard, as any guidance would be prescriptive and inconsistent with principle-based standards.

Nonetheless, the staff noted that it plans to develop educational material that should address potential concerns by constituents.

The Boards also agreed not to include guidance about when cost might be an appropriate estimate of fair value in the converged fair value measurement Standard. The IASB decided that such guidance will be retained in the individual standards (that is, in IFRS 9 and IAS 16). Some IASB members said that eventually all the guidance should be in the fair value measurement Standard or, if redundant, eventually withdrawn from IFRS 9 and IAS 16.

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