First Published: IFRS Boutique
Date: October 2017
By: Chris Ragkavas, BA, MA, FCCA, CGMA
StudySmart management consultant, senior finance & accounting tutor, IFRS technical expert.
Since January 2013, academics and practitioners alike, seek guidance from IFRS 13 when measuring assets and liabilities at fair value. Before its introduction, preparers of financial statements calculated fair value based on various standards permitting or requiring fair value measurement, and this had led to some inconsistencies.
The standard does not address which assets and liabilities are measured at fair value, or when these measurements are to be performed.
The standard however, must be applied when fair value is permitted or required by another standard.
IFRS 13, Fair value measurement-the essentials. Part ΙΙ - Available HERE