Transfers between levels

Learning objectives

• Explain the policy for determining when transfers between levels are deemed to have occurred and its consistent application.L3

Normative references

• IFRS 13 §95The entity discloses and consistently follows its policy for determining when transfers between levels of the hierarchy are deemed to have occurred.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

2 questions

• A Level 2 instrument becomes Level 1 during the year. What must the entity disclose about the timing of such transfers between levels?L3
• A controller reviews a group's notes on the fair value hierarchy. Which practice is contrary to the standard?L3