Post-implementation Review of IFRS 13 Fair Value Measurement

Current Status Next Steps

IASB is seeking comments on its Request for Information by September 22, 2017.

Fourth quarter of 2017 – IASB to deliberate comments received.


The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to review IFRS 13 Fair Value Measurement to provide input on the standard’s effects and whether it is working as intended.

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The IASB’s review aims to assess whether:

  • IFRS 13 provides financial statement users with useful information;
  • any area represents implementation challenges, and, as a result, impairs the consistent implementation of the requirements; and
  • unexpected costs have arisen when preparing, auditing or enforcing its requirements or when using the information that it provides.

The AcSB participates in the consultations and activities on the project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The review of IFRS 13 may lead to the IASB making minor amendments to the standard, preparing an agenda proposal for a broader revision of the standard, or perhaps no changes at all.



AcSB Response – Post-implementation Review: IFRS 13 Fair Value Measurement
On September 22, 2017, the AcSB submitted a comment letter responding to the IASB’s Request for Information issued in May 2017. The letter welcomes the IASB’s third post-implementation review. It expresses the view that, overall, the requirements of IFRS 13 have resulted in relevant and comparable fair value measurements, as well as enhanced disclosures. However, the letter points out that some aspects of IFRS 13 are challenging to apply – in particular, its disclosure requirements for Level 3 fair value measurements. The letter recommends that the IASB revise the disclosure requirements to have entities exercise judgment to determine the disclosures about Level 3 fair value measurements users of their financial statements need to assess the risks and uncertainties in these measurements, based on the relevance of the item. Read the AcSB letter posted by the IASB.

AcSB Decision Summary – July 13, 2017
The Board discussed key points to include in its response letter to the IASB’s Request for Information on its “Post-implementation Review of IFRS 13 Fair Value Measurement.” As part of the discussion, the Board considered feedback obtained through the Board’s outreach on this topic.

The Board encourages stakeholders to share their views on the Request for Information by submitting comment letters to the IASB by September 22, 2017 with a copy to the AcSB.

IASB Request for Information ─ Post-implementation review of IFRS 13 Fair Value Measurement
May 25, 2017.  The IASB has issued a Request for Information to seek feedback on stakeholders’ experiences on the use of IFRS 13 Fair Value Measurement. Canadian stakeholders are encouraged to submit their comments to the IASB by September 22, 2017.


Disclaimer: This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.