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  • Compiled AASB Standard AASB 13

    Fair Value Measurement This compiled Standard applies to annual reporting periods beginning on or after 1 July 2013. Early application is permitted. It incorporates relevant amendments made up to and including 18 December 2012.

    Prepared on 3 October 2013 by the staff of the Australian Accounting Standards Board.

  • AASB 13-compiled 2 COPYRIGHT

    Obtaining Copies of Accounting Standards

    Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.

    Printed copies of original Standards and amending Standards are available for purchase by contacting:

    The Customer Service Officer Australian Accounting Standards Board Level 7 600 Bourke Street Melbourne Victoria AUSTRALIA

    Postal address: PO Box 204 Collins Street West Victoria 8007 AUSTRALIA

    Phone: (03) 9617 7637 Fax: (03) 9617 7608 E-mail: publications@aasb.gov.au Website: www.aasb.gov.au

    Other Enquiries

    Phone: (03) 9617 7600 Fax: (03) 9617 7608 E-mail: standard@aasb.gov.au

    COPYRIGHT

    © 2013 Commonwealth of Australia

    This compiled AASB Standard contains IFRS Foundation copyright material. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

    All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

  • AASB 13-compiled 3 CONTENTS

    CONTENTS

    COMPILATION DETAILS

    COMPARISON WITH IFRS 13

    INTRODUCTION TO IFRS 13 (available on the AASB website)

    ACCOUNTING STANDARD AASB 13 FAIR VALUE MEASUREMENT

    Paragraphs

    Objective 1 – 4

    Application Aus4.1 – Aus4.4

    Reduced disclosure requirements Aus4.5 – Aus4.6

    Scope 5 – 8

    Measurement

    Definition of fair value 9 – 10

    The asset or liability 11 – 14

    The transaction 15 – 21

    Market participants 22 – 23

    The price 24 – 26

    Application to non-financial assets

    Highest and best use for non-financial assets 27 – 30

    Valuation premise for non-financial assets 31 – 33

    Application to liabilities and an entity’s own equity instruments

    General principles 34 – 36

    Liabilities and equity instruments held by other parties as assets 37 – 39

    Liabilities and equity instruments not held by other parties as assets 40 – 41

    Non-performance risk 42 – 44

    Restriction preventing the transfer of a liability or an entity’s own equity instrument 45 – 46

    Financial liability with a demand feature 47

    Application to financial assets and financial liabilities with offsetting positions in market risks or counterparty credit risk 48 – 52

  • AASB 13-compiled 4 CONTENTS

    Exposure to market risks 53 – 55

    Exposure to the credit risk of a particular counterparty 56

    Fair value at initial recognition 57 – 60

    Valuation techniques 61 – 66

    Inputs to valuation techniques

    General principles 67 – 69

    Inputs based on bid and ask prices 70 – 71

    Fair value hierarchy 72 – 75

    Level 1 inputs 76 – 80

    Level 2 inputs 81 – 85

    Level 3 inputs 86 – 90

    Disclosure 91 – 99

    Appendices:

    A. Defined Terms Page 34

    B. Application Guidance Page 38

    C. Effective Date and Transition Page 58

    DELETED IFRS 13 TEXT Page 59

    ILLUSTRATIVE EXAMPLES (available on the AASB website)

    BASIS FOR CONCLUSIONS ON IFRS 13 (available on the AASB website)

    Australian Accounting Standard AASB 13 Fair Value Measurement (as amended) is set out in paragraphs 1 – 99 and Appendices A – C. 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 Standard. AASB 13 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

  • AASB 13-compiled 5 COMPILATION DETAILS

    COMPILATION DETAILS

    Accounting Standard AASB 13 Fair Value Measurement as amended

    This compiled Standard applies to annual reporting periods beginning on or after 1 July 2013. It takes into account amendments up to and including 18 December 2012 and was prepared on 3 October 2013 by the staff of the Australian Accounting Standards Board (AASB).

    This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 13 (September 2011) as amended by other Accounting Standards, which are listed in the Table below.

    Table of Standards

    Standard Date made Application date (annual reporting periods … on or after …)

    Application, saving or transitional provisions

    AASB 13 2 Sep 2011 (beginning) 1 Jan 2013 see (a) below AASB 2012-1 21 Mar 2012 (beginning) 1 Jul 2013 see (b) below AASB 2012-10 18 Dec 2012 (beginning) 1 Jan 2013 see (a) below (a) Entities may elect to apply this Standard to annual reporting periods beginning on or

    after 1 January 2005 but before 1 January 2013.

    (b) Entities may elect to apply this Standard to annual reporting periods beginning on or

    after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers

    of Australian Accounting Standards, AASB 13 Fair Value Measurement and

    AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13

    are also applied to such periods.

    Table of Amendments

    Paragraph affected How affected By … [paragraph]

    Aus4.5-Aus4.6 (and preceding heading)

    added AASB 2012-1 [8]

    48 amended AASB 2012-10 [43]

  • AASB 13-compiled 6 COMPARISON

    COMPARISON WITH IFRS 13

    AASB 13 Fair Value Measurement as amended incorporates IFRS 13 Fair Value Measurement as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IFRS 13) are identified with the prefix “Aus”, followed by the number of the preceding IASB paragraph and decimal numbering.

    Entities that comply with AASB 13 as amended will simultaneously be in compliance with IFRS 13 as amended, with the exception of entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

  • AASB 13-compiled 7 STANDARD

    ACCOUNTING STANDARD AASB 13

    The Australian Accounting Standards Board made Accounting Standard AASB 13 Fair Value Measurement under section 334 of the Corporations Act 2001 on 2 September 2011. This compiled version of AASB 13 applies to annual reporting periods beginning on or after 1 July 2013. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 18 December 2012 (see Compilation Details).

    ACCOUNTING STANDARD AASB 13

    FAIR VALUE MEASUREMENT

    Objective

    1 This Standard:

    (a) defines fair value;

    (b) sets out in a single Standard a framework for measuring fair value; and

    (c) requires disclosures about fair value measurements.

    2 Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same – to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions (ie an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

    3 When a price for an identical asset or liability is not observable, an entity measures fair value using another valuation technique that maximises the use of relevant observable inputs and minimises the use of unobservable inputs. Because fair value is a market-based measurement, it is measured using the assumptions that market

  • AASB 13-compiled 8 STANDARD

    participants would use when pricing the asset or liability, including assumptions about risk. As a result, an entity’s intention to hold an asset or to settle or otherwise fulfil a liability is not relevant w

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