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briefing in report format for the members of the International Accounting Standards Board on AASB13: Fair Value Measurement - Essay Example
Finance & Accounting
Pages 5 (1255 words)
Introduction The aim of this report is to evaluate and issue an opinion to the International Accounting Standards Board (IASB) on whether IFRS 13 on Fair value measurement which was drafted in May 2011. The standard sets out a single framework for fair value measurement and guidance on how to measure assets and liabilities, whether financial or non-financial…
The executive summary section will give a summary of the benefits and costs of the standard which will determine whether there is a balance between the two. The report will also discuss the relevant theories in relation to the standard and the entities which are more likely to be affected by the standard. It is evident that fair value is affected by the type of industry and thus may concern will be the most affected entities. Part F of the report evaluates the standard by highlighting the advantages and disadvantages of the standard. Conclusions and recommendations reached are also based on these criterions which are required in making economic decisions. ). The conclusion is based on the discussions of technical matters such as comparability, relevance, reliability and understandability. These are the four main criterions which have been designed for application in determining whether the standard meets the expectations of IASB and the users generally. Executive summary IFRS 13 defines fair value and provides a framework on how to determine fair value for financial reporting purposes. The definition of fair value is not different from the one contained in previous IFRS. ...
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