IFRS 13Chapter 1Lesson 1
Fair value under IFRS 13: purpose, scope, exclusions and exemptions
Step 1 of 7Learning objectives
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IFRS 13 defines fair value as a market-based measurement, provides a single measurement framework and prescribes disclosures. It applies when another standard requires or permits fair value, but it does not say when to use it.
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Learning objectives
- Explain why fair value is a market-based measurement, not an entity-specific one.
- Identify when IFRS 13 applies and remember that it does not decide when to measure at fair value.
- Tell apart the transactions excluded from scope, the measures that look like fair value without being fair value, and the disclosure exemptions.