AASB 2011-8 - Amendments to Australian Accounting Standards arising from AASB 13 - September 2011
12In AASB 1, AASB 3, AASB 4, AASB 5, AASB 9, AASB 1023 and AASB 1038, the definition of ‘fair value’ is replaced with:
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12 In AASB 1, AASB 3, AASB 4, AASB 5, AASB 9, AASB 1023 and AASB 1038, the definition of ‘fair value’ is replaced with:
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13.)
13 In AASB 102, AASB 116, AASB 118, AASB 119, AASB 120, AASB 121, AASB 132 and AASB 140, the definition of ‘fair value’ is replaced with:
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13 Fair Value Measurement.)