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IFRS Fair Value Measure

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IFRS Fair Value Measure
IFRS 13 Fair Value Measurement applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Standard defines fair value on the basis of an 'exit price' notion and uses a 'fair value hierarchy', which results in a market-based, rather than entity-specific, measurement.
IFRS 13 was originally issued in May 2011 and applies to annual periods beginning on or after 1 January 2013.
Following diagram is about the history of IFRS 13
September 2005

Project on fair value measurement added to the IASB's agenda
30 November 2006

Discussion Paper Fair Value Measurements published
28 May 2009

Exposure Draft Fair Value Measurement published
29 June 2010

Exposure Draft Measurement Uncertainty Analysis Disclosure for Fair Value Measurements published
19 August 2010

Staff draft of a IFRS on fair value measurement released
12 May 2011

IFRS 13 Fair Value Measurement published
1 January 2013

Effective date of IFRS 13

From the diagram, we know that IFRS 13 was originally issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. The objective of issuing IFRS 13 are following three parts: defines fair value, sets out in a single IFRS a framework for measuring fair value, and requires disclosures about fair value measurements. How to IFRS 13 be applies? IFRS 13 applies when another IFRS requires or permits fair value measurements or disclosures about fair value measurements, except for following three conditions: share-based payment transactions within the scope of IFRS2 Share-based Payment, leasing transactions within the scope of IAS17 leases, and measurements that have some similarities to fair value but that are not fair value, such as net realizable value in IAS2 inventories or value in use in IAS36 impairment of assets. Here are more details about IFRS 2 Share-based Payment, IAS 17
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