IFRS 13 provides a principles-based framework for measuring fair value in IFRS. This is based on a number of key concepts including unit of account; exit price; valuation premise; highest and best use; principal market; market participant assumptions and the fair value hierarchy.
This publication outlines the requirements of IFRS 13 Fair Value Measurement, its definitions, measurement framework and disclosure requirements. It addresses some of the key questions that are being asked about how to apply IFRS 13, recognising that some aspects of the standard are still unclear and different views may exist. Further issues and questions are likely to be raised in the future as entities adopt the new standard. We encourage readers to closely monitor developments with respect to fair value measurements.
