Responses to IASB® Documents for Comment

IFRS 13 Fair Value Measurement

Request for Information – Post-implementation Review: IFRS 13 Fair Value Measurement – May 2017

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.