84Paragraph 9 is amended (new text is underlined and deleted text is struck through) as follows:

84 Paragraph 9 is amended (new text is underlined and deleted text is struck through) as follows:

9 The following terms are used in this Standard with the meanings specified.

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It should be noted that AASB 13 Fair Value Measurement paragraphs 48, 48A, 49 and Appendix A paragraphs AG69–AG82, which sets out the requirements for determining a reliable measure of measuring the fair value of a financial asset or financial liability, apply equally to all items that are measured at fair value, whether by designation or otherwise, or whose fair value is disclosed.

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85 Paragraphs 9, 13, 28, 47, 88, AG52, AG76, AG76A, AG80, AG81 and AG96 are amended (new text is underlined and deleted text is struck through), paragraphs 43A and 103Q are added, and paragraphs 48–49, AG69–AG75, AG77–AG79 and AG82 and their related headings are deleted as follows:

9 The following terms are used in this Standard with the meanings specified.

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Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.1 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.)

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The footnote to the definition of fair value is deleted.

13 If an entity is unable to determine measure reliably the fair value of an embedded derivative on the basis of its terms and conditions (… because the embedded derivative is based on an unquoted equity instrument that does not have a quoted price in an active market for an identical instrument, i.e. a Level 1 input), the fair value of the embedded derivative is the difference between the fair value of … and the fair value of the host contract, if those can be determined under this Standard. If the entity is unable to determine measure the fair value of the embedded derivative using this method, paragraph 12 applies …

28 When an entity allocates the previous carrying amount of a larger financial asset between the part that continues to be recognised and the part that is derecognised, the fair value of the part that continues to be recognised needs to be determined measured. …

43A However, if the fair value of the financial asset or financial liability at initial recognition differs from the transaction price, an entity shall apply paragraph AG76.

47 After initial recognition, an entity shall measure all financial liabilities at amortised cost using the effective interest method, except for:

(a) financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be measured at fair value except for a derivative liability that is linked to and must be settled by delivery of an unquoted equity instrument that does not have a quoted price in an active market for an identical instrument (i.e. a Level 1 input) whose fair value cannot otherwise be reliably measured, which shall be measured at cost;