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1、Introduction On 12 May 2011, the International Accounting Standards Board (IASB) issued IFRS 13 Fair Value Measurement, which establishes a single source of guidance for fair value measurement under IFRSs. IFRS 13 defines fair value, provides guidance on its determination and introduces consistent r
2、equirements for disclosures on fair value measurements. The Standard does not include requirements on when fair value measurement is required; it prescribes how fair value is to be measured if another Standard requires it.Some Standards (for example, IAS 40 Investment Property) require items to be m
3、easured at fair value on an ongoing basis (IFRS 13 refers to this as fair value on a recurring basis), some (for example, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations) require fair value only in certain circumstances (IFRS 13 refers to this as fair value on a non-recurring bas
4、is) and some (for example, IFRS 3 Business Combinations) require fair value only on initial recognition of an item.Scope IFRS 13 applies to all transactions and balances (whether financial or non-financial) for which IFRSs require or permit fair value measurements, with the exception of share-based
5、payment transactions accounted for under IFRS 2 Share-based Payment and leasing transactions within the scope of IAS 17 Leases.The Standard also makes clear that measurements that have some similarities to fair value but that are not fair value, such as net realisable value under IAS 2 Inventories o
6、r value in use under IAS 36 Impairment of Assets, are not within its scope.IFRS 13 gives relief from its disclosure requirements in respect of the following items: Plan assets measured at fair value in accordance with IAS 19 Employee Benefits. Retirement benefit plan investments measured at fair val
7、ue in accordance with IAS 26 Accounting and Reporting by Retirement Benefit Plans. Assets for which the recoverable amount is fair value less costs of disposal in accordance with IAS 36 Impairment of Assets.IFRS Global office May 2011The Bottom Line IFRS 13 establishes a single framework for measuri
8、ng fair value where that is required by other Standards. The Standard applies to both financial and non-financial items measured at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partici
9、pants at the measurement date” (i.e., an exit price). IFRS 13 is effective for annual periods beginning on or after 1 January 2013, with early adoption permitted, and applies prospectively from the beginning of the annual period in which the Standard is adopted.ContentsIntroductionScopeDefinition of
10、 fair valueDetermination of fair valueValuation techniquesDisclosuresEffective date and transitionIFRS in Focus IASB issues new standard on fair value measurement and disclosureFor more information please see the following websites:IFRS in focus2Definition of fair value The Standard defines fair val
11、ue as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” This is sometimes referred to as an exit price.Determination of fair value IFRS 13 indicates that an entity must determine the foll
12、owing to arrive at an appropriate measure of fair value: The asset or liability being measured (consistent with its unit of account). The principal (or most advantageous) market in which an orderly transaction would take place for the asset or liability. For a non-financial asset, the highest and be
13、st use of the asset and whether the asset is used in combination with other assets or on a stand-alone basis. The appropriate valuation technique(s) for the entity to use when measuring fair value, focusing on inputs a market participant would use when pricing the asset or liability. Those assumptio
14、ns that market participants would use when pricing the asset or liability.Principal (or most advantageous) market Fair value is the price that would be achieved if an asset were sold (or liability transferred) to a market participant in the principal market (i.e., the market with the greatest volume
15、 and level of activity for that asset or liability). If there is no principal market, the price in the most advantageous market (i.e., the market in which the entity could achieve the most beneficial price) is used.In the absence of evidence to the contrary, the market in which the entity normally t
16、ransacts would be presumed to be the principal or most advantageous market. If location is a characteristic of an asset, the price should be adjusted for costs that would be incurred to transport the asset to or from the principal (or most advantageous) market. However, transaction costs would not be included in a fair value measurement because such costs are not a characteristic of the asset or liability.Highest and best use The fair
