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IAS 34 — Interim disclosures of fair values

Date recorded:

The IFRIC received a request to provide guidance on whether fair value disclosures are required for interim reporting periods in accordance with IAS 34 Interim Financial Reporting.

The Board discussed fair value disclosures in interim financial reports at its April 2009 meeting. The Board decided to include in its exposure draft on fair value measurement the requirement to disclose, in interim periods, the same information required by IFRS 7 Financial Instruments: Disclosures.

The Board asked the IFRIC to clarify whether IAS 34 currently provides sufficient guidance to enable entities to decide whether fair value disclosures would be required in interim financial reports.

In the staff's view, interim disclosures for fair value measurements are required if:

  1. the annual report provides a disclosure;
  2. the information it contains changes significantly; and
  3. those changes significantly affect a reader's understanding of the changes in financial position and performance of the entity since the end of the last annual reporting period.

Following discussion, the IFRIC agreed with the staff view not to add the issue to IFRIC's agenda, subject to wording changes.

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