IASB publishes final standard on fair value measurement
11 May, 2011
The IASB has issued IFRS 13 'Fair Value Measurement' which replaces the guidance on fair value measurement in existing IFRS accounting literature with a single standard.
The IFRS is the result of joint efforts by the IASB and FASB to develop a converged fair value framework; the FASB has also issued conforming amendments to their own fair value guidance in ASC 820.
IFRS 13 defines fair value, provides guidance on how to determine fair value and requires disclosures about fair value measurements. However, IFRS 13 does not change the requirements regarding which items should be measured or disclosed at fair value.
IFRS 13 is effective for annual periods beginning on or after 1 January 2013 with early application permitted.
IFRS 13 is available to eIFRS subscribers (link to IASB website). Click for:
- IASB press release (link to IASB website)
- Our summary of IFRS 13
- Deloitte IFRS podcast – Andrew Spooner, Lead IFRS Partner on Financial Instruments, discusses the new IASB standard on Fair Value Measurement with Robert Bruce.
- FASB Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (link to FASB website)
