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Our progressive thinkers offer services to help create, protect and transform value today, so you have opportunity to thrive tomorrow. See Overview

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Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Assurance

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The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Sarah Carroll

| 24 Nov 2020

Are you ready for IFRS 16? This series of insights will help you prepare.

Tax

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Automotive

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Banking

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Travel, tourism and leisure

The COVID-19 pandemic caused unprecedented levels of disruption to the global travel industry. As this evolves, it is unclear what recovery looks like. See Overview

International Financial Reporting Standards

Insights into IFRS 13 - Fair value measurement

By:

Mark Hucklesby,

Sarah Carroll

23 Jun 20211 min read

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.

This Standard clarifies how to measure fair value when a market becomes less active. IFRS 13 applies to both financial and non-financial items but does not address or change the requirements on when fair value should be used.

IFRS 13 has been effective since 1 January 2013 and was subject to a Post Implementation Review (PIR) in 2017. As a result of this PIR, the International Accounting Standards Board (IASB) concluded that IFRS 13 is working as intended. Specifically:

the information required by IFRS 13 is useful to users of financial statements
some areas of IFRS 13 present implementation challenges, mainly in areas requiring judgement. However, evidence suggests that practice is developing to resolve these challenges, and
no unexpected costs have arisen from application of IFRS 13.

The IASB therefore concluded no changes were required to IFRS 13.

In this insight you will find:

A summary of IFRS 13 Fair Value Measurement
Scope of the Standard
Definition of Fair Value
The fair value measurement approach in IFRS 13
Valuation techniques referred to in IFRS 13
Presentation and Disclosures in IFRS 13.

How we can help

We hope you find the information in this article helpful in giving you some insight into IFRS 13. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact or visit www.grantthornton.global/locations to find your local member firm.