IFRS 13 Fair Value Measurement defines fair value, sets out a framework for measuring fair value, and requires disclosures about fair value measurements.
It applies when another Standard requires or permits fair value measurements or disclosures about fair value measurements (and measurements based on fair value, such as fair value less costs to sell), except in specified circumstances in which other Standards govern. For example, IFRS 13 Fair Value Measurement does not specify the measurement and disclosure requirements for share-based payment transactions, leases or impairment of assets. Nor does it establish disclosure requirements for fair values related to employee benefits and retirement plans.
IFRS 13 Fair Value Measurement defines fair value 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 (an exit price). When measuring fair value, an entity uses the assumptions that market participants would use when pricing the asset or the liability under current market conditions, including assumptions about risk. As a result, an entity’s intention to hold an asset or to settle or otherwise fulfill a liability is not relevant when measuring fair value.
IFRS 13 Fair Value Measurement is Copyright: IFRS Foundation
Statement of Financial Position
| ID | Name | Level | x |
|---|---|---|---|
| IFRS | International Financial Reporting Standards | 0 | IFRS |
| IFRS13 | IFRS 13 Fair Value Measurement | 1 | IFRS13 |