Post-implementation Review of IFRS 13 Fair Value Measurement

The Board completed its review of the findings from the Post-implementation Review of IFRS 13 Fair Value Measurement in March 2018. On 14 December 2018 the Board published the Project Report and Feedback Statement, in which the Board concluded that IFRS 13 is working as intended. In particular:

• the information required by IFRS 13 is useful to users of financial statements;
• some areas of IFRS 13 present implementation challenges, largely in areas requiring judgement. However, evidence suggests that practice is developing to resolve these challenges; and
• no unexpected costs have arisen from application of IFRS 13.

The Board concluded that the project was complete and that no further work on the project was required.

Follow-up from the findings from the PIR

The Board decided to conduct the following follow-up based on the findings from the PIR:

• feed the PIR findings regarding the usefulness of information disclosed into the work on Better Communications in Financial Reporting, in particular into the projects on Targeted Standards-level Review of Disclosures and Primary Financial Statements;
• continue liaising with the valuation profession, monitor new developments in practice and promote knowledge development and sharing; and
• conduct no other follow up in response to findings from the PIR.