AASB issues new fair value measurement standards

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04 Jul 2011

The Australian Accounting Standards Board (AASB) has issued AASB 13 'Fair Value Measurement' and related AASB 2011-8 'Amendments to Australian Accounting Standards arising from AASB 13'.

AASB 13 and AASB 2011-8 together are equivalent to IFRS 13 Fair Value Measurement issued by the IASB in May 2011. AASB 13 brings together, in a single source, guidance for all fair value measurements required in other Standards, providing a clear definition of fair value, a framework for measuring fair value and requires enhanced disclosures about fair value measurement.

Disclosure requirements under Tier 2 ('Reduced Disclosure Requirements', or 'RDR') will be determined through a separate due process with amendments being made subsequently to the Standards as required.

The Standards apply to annual reporting periods beginning on or after 1 January 2013, but may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.

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