Thursday, January 24, 2019

IASB Publishes the Results of its Review of IFRS 13

IASB assesses whether fair value measurement standard is doing is job

The International Accounting Standards Board (IASB) conducts a post-implementation review (PIR) of new standards and major amendments to assess whether they are working as anticipated and, in the case of disclosure changes, whether such information is useful to financial statement users. PIR reviews are typically undertaken after 2-3 years of use to give time for issues to be identified, including any unexpected costs of implementation.

IFRS 13 Fair Value Measurement was issued in 2011 and came into effect in 2013. In mid-December 2018 the IASB published a summary report on its PIR of IFRS 13, which showed that the standard is working as intended with no unexpected costs arising from its implementation. The PIR did identify some issues around judgements which will be monitored going forward, but entities are largely managing to resolve these.

Feedback relating to disclosures about fair value measurement is being fed into the IASB’s project on Targeted Standards-level Review of Disclosures.

The IASB’s summary report can be viewed here.

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