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Final stage

On 12 May 2011, the International Accounting Standards Board issued IFRS 13 Fair Value Measurement. The amendments have an effective date of 1 January 2013.

To follow the Standard and get any updates about implementation work, please go to the IFRS 13 Fair Value Measurement page.

About the project

IFRS 13 defines fair value and sets out in a single IFRS Standard a framework for measuring fair value and requires disclosures about fair value measurements. IFRS 13 does not determine when an asset, a liability or an entity's own equity instrument is measured at fair value. Rather, the measurement and disclosure requirements of IFRS 13 apply when another IFRS requires or permits the item to be measured at fair value (with limited exceptions).

The fair value measurement project was part of the Memorandum of Understanding between the IASB and the US national standard-setter, the Financial Accounting Standards Board (FASB). Our joint work resulted in IFRSs 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.

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