ScopeScope

Scope

5 This Standard applies when another Standard requires or permits fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements), except as specified in paragraphs 6 and 7.

6 The measurement and disclosure requirements of this Standard do not apply to the following:

(a) share-based payment transactions within the scope of AASB 2 Share-based Payment;

(b) leasing transactions within the scope of AASB 117 Leases; and

(c) measurements that have some similarities to fair value but are not fair value, such as net realisable value in AASB 102 Inventories or value in use in AASB 136 Impairment of Assets.

7 The disclosures required by this Standard are not required for the following:

(a) plan assets measured at fair value in accordance with AASB 119 Employee Benefits; and

(b) [deleted by the AASB]

(c) assets for which recoverable amount is fair value less costs of disposal in accordance with AASB 136.

8 The fair value measurement framework described in this Standard applies to both initial and subsequent measurement if fair value is required or permitted by other Australian Accounting Standards.