IFRS 13Chapter 13Lesson 1
Disclosures: objectives, categories, Level 3 and special cases
Step 1 of 6Learning objectives
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Disclosures allow users to assess the techniques and inputs used. They are given by category, with the hierarchy level; for recurring Level 3 measurements, a reconciliation, the effect on profit or loss and sensitivity are added, and the valuation process must also be described. Specific rules cover items whose fair value is only disclosed and credit enhancements.
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Learning objectives
- Explain the disclosure objectives and how to assess the level of detail and aggregation.
- Prepare the table of fair values by category and level and identify the information on Level 2 and 3 techniques and inputs.
- Prepare the reconciliation of recurring Level 3 measurements and explain the valuation process and sensitivity.
- Identify the disclosures for items whose fair value is only disclosed, credit enhancements and the tabular format.