{"id":"F2015L01613","name":"AASB 13 - Fair Value Measurement - August 2015","slug":"aasb-13-fair-value-measurement-august-2015","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":173152,"registerId":"commonwealth-F2015L01613-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Other enquiries","sectionType":"part","heading":"Other enquiries","content":"## Other enquiries\n\nPhone: (03) 9617 7600\n\nE-mail: standard@aasb.gov.au\n\nCOPYRIGHT\n\n© Commonwealth of Australia 2023\n\nThis 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 Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.\n\nAll 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 IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.","sortOrder":0},{"sectionNumber":"Accounting Standard AASB 13","sectionType":"part","heading":"Accounting Standard AASB 13","content":"# Accounting Standard AASB 13\n\nThe Australian Accounting Standards Board made Accounting Standard AASB 13 Fair Value Measurement under section 334 of the Corporations Act 2001 on 7 August 2015.\n\nThis compiled version of AASB 13 applies to annual periods beginning on or after 1 January 2024. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).","sortOrder":1}],"analysis":{"kimi_summary":{"content_quality":"rejected","complexity_score":7,"rejection_reason":"The provided text is only a cover page and copyright notice for AASB 13. It contains no substantive legislative content—no sections, definitions, operative provisions, schedules, or actual accounting requirements. This is a navigation/header fragment, not the actual standard text needed for analysis.","scope_assessment":{"changed":false,"description":"This is a compilation of AASB 13 as originally made in 2015, updated for amendments to 2022. The standard maintains its original scope as a comprehensive fair value measurement framework. The 2024 applicability date reflects routine periodic updates rather than scope expansion."},"complexity_factors":["Extensive defined terms including 'fair value', 'market participants', 'principal market', 'most advantageous market', 'valuation techniques', and 'inputs'","Three-level fair value hierarchy (Level 1, 2, 3) with specific criteria for classification and restrictions on moving between levels","Detailed application guidance for specific assets and liabilities including non-financial assets, liabilities, and an entity's own equity instruments","Extensive disclosure requirements including quantitative sensitivity analyses for Level 3 measurements","Interaction with multiple other AASB standards (AASB 9, AASB 7, AASB 116, AASB 138, AASB 140, etc.) requiring cross-referencing","Conceptual complexity around 'highest and best use' for non-financial assets and 'valuation premise'","Specific rules for measuring liabilities and own equity instruments including 'transfer notion' vs 'settlement notion'","Exception for financial assets and liabilities with offsetting positions in market risks or counterparty credit risk (portfolio exception)"],"plain_english_summary":"**What this is:** AASB 13 is an accounting standard that tells Australian businesses how to measure and report \"fair value\" in their financial statements.\n\n**What \"fair value\" means:** It's the price you would get if you sold an asset (like property, equipment, or investments) or paid to transfer a liability (like a debt) in an orderly transaction between market participants at the measurement date. Think of it as \"what something is really worth in the current market\" rather than what you originally paid for it.\n\n**Who it affects:**\n- **Public companies** and **large proprietary companies** that must follow Australian Accounting Standards\n- **Auditors** who check these financial statements\n- **Investors** and **regulators** who rely on consistent, comparable financial information\n\n**What it does:**\n- Sets out a single framework for measuring fair value across all accounting standards\n- Requires companies to use market-based evidence where possible (not just internal estimates)\n- Mandates detailed disclosures so users can understand how fair values were determined and how uncertain those measurements are\n- Establishes a \"fair value hierarchy\" that ranks inputs from most reliable (Level 1: quoted prices in active markets) to least reliable (Level 3: unobservable internal estimates)\n\n**Why it matters:** Before this standard, different accounting rules had inconsistent approaches to fair value. This creates uniformity, making it easier to compare companies and reducing the risk of companies manipulating valuations to make their finances look better than they are."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/aasb-13-fair-value-measurement-august-2015","history":"/api/acts/aasb-13-fair-value-measurement-august-2015/history","analysis":"/api/acts/aasb-13-fair-value-measurement-august-2015/analysis","conflicts":"/api/acts/aasb-13-fair-value-measurement-august-2015/conflicts","importantCases":"/api/acts/aasb-13-fair-value-measurement-august-2015/important-cases","documents":"/api/acts/aasb-13-fair-value-measurement-august-2015/documents"}}