{"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":{"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"},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The compiled Standard incorporates amendments made up to 15 December 2022 and sets an application date of annual periods beginning on or after 1 January 2024. Those updates indicate the operative requirements and coverage differ from the original instrument made on 7 August 2015."},"complexity_factors":["Technical subject matter: fair value measurement involves specialist valuation concepts and techniques (title of the Standard).","Legal authority: made under section 334 of the Corporations Act 2001, tying the Standard to statutory reporting obligations.","Compilation and updates: the document is a compiled version that incorporates amendments up to 15 December 2022, increasing cross-version complexity.","Effective-date and transition timing: applies to annual periods beginning on or after 1 January 2024, creating implementation and cut‑over planning requirements.","Cross-references: incorporates relevant amendments contained in other AASB Standards, implying interdependent provisions and interpretive linkages.","Intellectual property and reproduction rules: IFRS Foundation copyright material and reproduction restrictions may affect access and distribution of authoritative text."],"plain_english_summary":"AASB 13 (Fair Value Measurement) is an Australian Accounting Standard made by the AASB under section 334 of the Corporations Act 2001 that sets the rules for measuring and reporting fair value in financial statements. It applies to entities required to follow Australian Accounting Standards and takes effect for annual periods beginning on or after 1 January 2024. The compiled version incorporates amendments up to 15 December 2022, so preparers must follow the updated rules from that date."},"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":"AASB 13 prescribes how Australian entities must measure and disclose fair value — the market price for selling an asset or transferring a liability — and applies to public and large proprietary companies, their auditors, investors and regulators. It creates a single, market‑based framework with required disclosures and a three‑level input hierarchy to guide and qualify valuations.\n\nBy standardising methods and transparency, it improves comparability across entities and reduces scope for valuation manipulation."}},"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"}}