IASB Begins Second Phase of IFRS 13 Review

The International Accounting Standards Board (IASB) has issued a request for stakeholders to tell the Board about their experience with IFRS 13 Fair Value Measurement

This request is part of the Board’s post-implementation review of IFRS 13 Fair Value Measurement, the objective of which is to assess the accounting standard works as intended and achieves its objectives.

The post-implementation of IFRS 13 consists of two phases. In the first phase, the Board identified topics for further analysis in the second phase. The second phase starts with a request for information, and focuses on:

• disclosures about fair value measurements;
• further information about measuring quoted investments in subsidiaries, joint ventures and associates at fair value;
• application of the concept of the ‘highest and best use’ when measuring the fair value of non-financial assets; and
• application of judgement.

In addition, it explores whether there is a need for further guidance on measuring the fair value of biological assets and unquoted equity instruments.

Further information is available on the IASB’s web site here.