FRC publishes thematic review findings on fair value measurement
16 Jun 2023
The UK Financial Reporting Council (FRC) has published a thematic review on IFRS 13 'Fair Value Measurement'.
The FRC’s review highlights:
- Fair value measurements should use market participants’ rather than the company’s own assumptions.
- There is scope for improvement of the disclosures provided by many companies, especially regarding reporting about the valuation approach, underlying assumptions, management judgement and estimation uncertainty.
- Companies should consider using specialist third party advice when valuing a material item and where there is no internal expertise.
The full review is available on the FRC website.
