Friday 28 April 2017
The objective of the post-implementation review (PIR) is to assess the effect of the new requirements of IFRS 13 Fair Value Measurement on investors, preparers and auditors.
IFRS 13 defines fair value, sets out in a single IFRS Standard a framework for measuring fair value and requires disclosures about fair value measurements.
The fair value measurement project was part of the Board’s convergence work with the US national standard-setter, the Financial Accounting Standards Board (FASB). Our joint work resulted in IFRS Standards and US generally accepted accounting principles (GAAP) having the same definition and meaning of fair value and the same disclosure requirements about fair value measurements.
In the first phase of the PIR the Board will identify the issues to examine in greater detail. The Board will then publish a Request for Information seeking input from stakeholders on their experiences with the Standard. The Board will also review relevant academic studies and other reports and may also conduct surveys and other outreach.
Post-implementation Review of IFRS 13 Fair Value Measurement to be discussed at the January 2017 Board meeting
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