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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.
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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 

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