CTHRepealedLegislation
AASB 2011-8 - Amendments to Australian Accounting Standards arising from AASB 13 - September 2011
50Paragraph 6A is added as follows:
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Turn the raw legal text into a practical explanation grounded in AASB 2011-8 - Amendments to Australian Accounting Standards arising from AASB 13 - September 2011.
50 Paragraph 6A is added as follows:
6A AASB 117 uses the term ‘fair value’ in a way that differs in some respects from the definition of fair value in AASB 13 Fair Value Measurement. Therefore, when applying AASB 117 an entity measures fair value in accordance with AASB 117, not AASB 13.