iGAAP Alert: May 2011IASB issues new standard on fair value measurement and disclosure |
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- iGAAP Alert: May 2011
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iGAAP Alert: May 2011- Area: Audit
Background
IFRS 13 does not include requirements on when fair value measurement is required; instead it prescribes a consistent basis for how fair value is to be measured if other standards require it.
The new Standard is a one stop shop for fair value requirements applicable to financial and non-financial items. It defines fair value (as an exit price for both assets and liabilities), provides a unified guidance on its determination and introduces consistent requirements for disclosures.
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iGAAP Alert: May 2011 (PDF)
