ICAEW.com works better with JavaScript enabled.

IFRS 13 Fair value measurement

IFRS 13 Fair Value Measurement defines fair value, sets out in a single IFRS a framework for measuring fair value, and requires disclosures about fair value measurements. The standard was published in May 2011 and is effective from 1 January 2013.

Full text standard

Unaccompanied version of IFRS 13
The International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Free registration is required.

This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions.

IFRS 13 summary and timeline

Looking for the synopsis? Our IFRS 13 summary and timeline are now on a separate page, featuring information on current proposals and a timeline of IASB updates.

Which version of the standard?

Financial Reporting Faculty members have unlimited online access to the consolidated edition of IFRS and amendments through the IASB's eIFRS service. Please log into eIFRS to access electronic versions of the standards. Or find out more about how to join the faculty.

The ICAEW Library also offers members and students access to the print versions of the latest IFRS Blue and Red Books. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com


UK reduced disclosures

UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.

Amendments to the standard

There are no amendments to IFRS 13 in order to comply with the Companies Act or related Regulations.

Disclosure exemptions

FRS 101 paragraph 8(e) states that a qualifying entity is exempt from all of the disclosure requirements of IFRS 13 with the following limitations.

  • Equivalent disclosures must be made in the consolidated financial statements of the group in which the entity is consolidated.
  • A financial institution may not use the exemption from IFRS 13 in relation to financial instruments, but may use it in relation to other assets and liabilities.
  • Non-financial institutions must make additional disclosures if certain financial instruments are measured at fair value.

IFRS 13 paragraphs for which exemption is available: 91-99.


ICAEW guidance and commentary

Factsheets

IFRS 13 Fair Value Measurement đź”’
Financial Reporting Faculty, 30 January 2014
The IASB's most recent standard defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value. This exclusive factsheet for Financial Reporting Faculty members looks at the implications for the financial statements and clearly identifies those areas most likely to be affected.

Articles and features

Fair value: Six impossible things đź”’
Brian Singleton-Green, By All Accounts, January 2012
From the Financial Reporting Faculty's magazine, Brian Singleton-Green, Faculty Manager, draws attention to some of IFRS 13's more curious features.

Webinars

IFRS Update đź”’
Financial Reporting Faculty, 18 July 2013
This webinar for Financial Reporting Faculty members focused on new and revised standards that are effective for 2013. There have been several significant changes, including major new standards on consolidated financial statements, joint arrangements, disclosure of interests in other entities and fair value measurement and a revised version of IAS 19 Employee Benefits.


eBooks

Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.

Fair value measurement đź”’
EY, International GAAP 2020 (2020)
The latest edition of this comprehensive guide offers a global perspective and explanations of complex technical accounting issues to help practitioners interpret and implement IFRS. It contains worked examples and illustrations from published financial reports of major listed companies from around the world. This chapter discusses IFRS 13.

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.


Example accounts

IFRS model accounts and disclosure checklists
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires collected by the ICAEW Library.

Company Reporting (Croner-i)

The ICAEW Library can provide examples of real-life company reports to help keep you up-to-date with reporting practices and benchmark your financial reporting compliance. Company Reporting analyses current IFRS disclosures from public companies, organised by industry sector. It also provides detailed monthly Common Practice reports on specific issues.

Contact us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com to get any documents from Company Reporting.


Further reading

Manuals and handbooks

The ICAEW Library stocks the latest IFRS handbooks and manuals. You can browse all our books on IFRS 13 and fair value or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

iGAAP 2019: A guide to IFRS reporting (Volume A)
Deloitte, Croner-i, 2019
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future.
Request this book by email

iGAAP 2019: Financial instruments – IFRS 9 and related standards (Volume B)
Deloitte, Croner-i, 2019
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future specifically covering IAS 32, IFRS 1, IFRS 7, IFRS 9 and IFRS 13.
Request this book by email

iGAAP 2019: Financial instruments – IAS 39 and related standards (Volume C)
Deloitte, Croner-i, 2019
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future specifically covering IAS 32, IAS 39, IFRS 1, IFRS 7 and IFRS 13.
Request this book by email

GAAP 2019: UK reporting – IFRSs (Volume C)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply IFRS, focusing on practical implementation issues with commentary and analysis of issues specific to UK companies.
Request this book by email

Insights into IFRS 2019–20
KPMG, Sweet and Maxwell, 2019
Manual providing practical guidance with an emphasis on the real-life application of IFRS, with examples based on actual questions that have arisen in practice around the world.
Request this book by email

International GAAP 2019
EY, Wiley, 2019
Comprehensive reference guide to interpreting and implementing IFRS, featuring detailed analysis of technical accounting issues accompanied by worked examples and illustrations taken from the actual financial statements of companies that report under IFRS.
Request this book by email

Manual of accounting: IFRS for the UK 2019
PwC, Tolley, 2018
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS. The IFRS Supplement 2020 published in December 2019 brings the manual up to date for 2020; it includes a new chapter on insurance contracts under IFRS 17 and an updated chapter on leasing under IFRS 16.
Request this book by email

Wiley IFRS 2019: Interpretation and application of IFRS standards
PKF, Wiley, 2019
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
Request this book by email

Articles

The ICAEW Library subscribes to over 160 current journals and magazines, as well as offering access to 1,800 key UK and international business, management and trade titles online. You can browse articles on IFRS 13 and fair value or request any of the selected articles below by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

Private equity fair value measurement: A critical perspective on IFRS 13
Vera Palea and Renato Maino, Australian Accounting Review, Vol. 23 No. 66, September 2013
This paper raises issues on the fair value definition as an exit price and questions the reliability of valuation techniques, which are categorised in the 'Level 2' fair value hierarchy. The authors question whether fair value as defined by IFRS 13 is an appropriate measure for private equity and can contribute to enhancing transparency and comparability in financial statements, which is one of the purposes of the IASB and the EU Regulation 1606/2002.

Find out more about how you can borrow books from the ICAEW Library or get articles and documents sent to you by email, post or fax.


Ask ICAEW Technical Advisory Service

Get an opinion from the experts. Our experienced technical advisors can help you with your IFRS questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250. 

Find out more about the Technical and ethics advisory helpline, including our opening hours.


Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com

* Some of the content on this web page was provided by the Chartered Accountants’ Trust for Education and Research, a registered charity, which owns the library and operates it for ICAEW.