Transcription of Applying IFRS: Fair Value Measurement - EY
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Applying IFRS: Fair Value Measurement - EY
fair Value MeasurementNovember 2012 Applying IFRSIFRS 13 fair Value Measurement1 November 2012 fair Value Measurement Introduction Many ifrs permit or require entities to measure or disclose the fair Value of assets, liabilities, or equity instruments. However, until recently there was limited guidance in ifrs on how to measure fair Value and, in some cases, the guidance was conflicting. To remedy this, the International Accounting Standards Board (IASB) issued ifrs 13 fair Value Measurement (the standard) in May 2011. The standard was the result of a convergence project between the IASB and the US Financial Accounting Standards Board (FASB) (collectively, the Boards). ifrs 13 defines fair Value , provides principles-based guidance on how to measure fair Value under ifrs and requires information about those fair Value measurements to be disclosed. ifrs 13 does not attempt to remove the judgement that is involved in estimating fair Value , rather, it provides a framework that is intended to reduce inconsistency and increase comparability in the fair Value measurements used in financial reporting.
• Fair value is a market-based measurement, not an entity-specific measurement. When determining fair value, management uses the assumptions that market participants would …
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