CA. Chikkerur C R
Quick Summary
IFRS 13 talks about How FVM should be if you want use. It is not dealt with WHENit should be applied. It leaves it to Other IFRS standards. This standard gives concepts and measurement to use in other IFRS. Introduction 3 important words and the meaning of those words on which this IFRS is bui
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FAQ :
The main purpose of IFRS 13 is to set a framework for Fair Value Measurement (FVM) and disclosures, providing a market-based measurement for assets and liabilities.
The Fair Value Hierarchy consists of Level 1 (quoted prices in active markets for identical assets/liabilities), Level 2 (quoted prices for similar assets/liabilities or observable inputs for similar items), and Level 3 (unobservable inputs).
IFRS 13 outlines three valuation techniques: the market approach, the cost approach (replacement cost), and the income approach (discounted future amounts).
No, IFRS 13 does not specify when fair value should be applied; it leaves that determination to other IFRS standards.
Fair value measurement assumes an orderly transaction between market participants at the measurement date under current market conditions, taking place in the principal or most advantageous market.
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