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 – Aus4.3

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

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 20

B. Application Guidance Page 22

C. Effective Date and Transition Page 32

DELETED IFRS 13 TEXT Page 33

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.