Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 16/05/2011

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Unified fair value measurement and disclosure guidance (2011/17) 

IFRS 13 Fair Value Measurement defines fair value, establishes a framework for measuring fair value and sets out disclosure requirements for fair value measurements.

It was issued by the IASB on 12 May 2011. IFRS 13 will be effective for annual periods beginning on or after 1 January 2013 and contains specific transition requirements.

 

Key points

  • Fair value defined as an exit price.
  • Comprehensive framework for measuring fair value when such measurement is required under other IFRSs.
  • Additional disclosures required about fair value measurements, including non-financial assets and liabilities.
IFRS Briefing Sheets - International financial reporting updates