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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 & Information Service also holds print versions of the IFRS standards. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com


Related IFRIC interpretations

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
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
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
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.


Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

Fair value for financial reporting purposes đź”’
Nigel Eastaway, Bloomsbury Professional (2019)
A chapter on fair value and financial reporting; part of a comprehensive guide to practical share valuation. Includes a section giving an Overview of requirements of IFRS 13

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eBooks

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

Fair value measurement
EY, International GAAP 2021 (2020)
The latest edition of this comprehensive guide offers a global perspective on 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

Insights into IFRS 2020–21
KPMG, Sweet and Maxwell, 2020
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.

Wiley IFRS 2020: Interpretation and application of IFRS standards
PKF, Wiley, 2020
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.

Manual of accounting: IFRS supplement 2020
PwC, LexisNexis, 2019
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS.

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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. 

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