This report offers a detailed analysis of AASB 13: Fair Value Measurement, an accounting standard issued by the Australian Accounting Standards Board. The report defines fair value, emphasizing its market-based approach and its application to various assets and liabilities. It explores key concepts such as exit and entry prices, market participants, and valuation techniques. The report highlights the standard's implications for financial reporting, including the importance of considering asset characteristics and market conditions. Furthermore, it examines the disclosure requirements and the scope of the standard, clarifying which transactions are covered and excluded. By providing a comprehensive overview, this report aims to clarify the significance of AASB 13 in the accounting of assets and liabilities.