In May 2011 the International Accounting Standards Board issued IFRS 13 Fair Value Measurement. IFRS 13 defines fair value and replaces the requirement contained in individual Standards. Other Standards have made minor consequential amendments to …

IFRS 13 defines fair value, sets out a framework for measuring fair value, and requires disclosures about fair value measurements.

Fair Value Measurement (IFRS 13). IFRS 13 is a standard which has broad application and the extent of the impact it has may not be fully evidenced or appreciated until the first annual financial statements which reflect the adoption of the standard. The interim reports under IFRS 13 required only a sub-set of the full IFRS 13

IFRS 13: Fair Value Measurement is used if the assets are subsequently measured at fair value; as set out by IFRS 13 Fair Value Measurement which had set up a single fair value measurement framework for a wide-spectrum of assets, both financial and non-financial. Hence IFRS 13 fair value ensures consistency in financial reporting.

IFRS 13 ‘Fair Value Measurement’ explains how to measure fair value by providing clear definitions and introducing a single set of requirements for almost all fair value measurements. It clarifies how to measure fair value when a market becomes less active.

IFRS 13 sets out a valuation approach, which refers to a broad range of techniques, which can be used. There are three approaches based on the market, income and cost. When measuring fair value, the entity is required to maximise the use of observable inputs (inputs developed using market data) and minimise the use of unobservable inputs ...

International Financial Reporting Standard 13 Fair Value Measurement (IFRS 13) is set out in paragraphs 1⁠–⁠99 and Appendices A⁠–⁠D. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the IFRS.