Fair Value Measurement Under AASB 13 in Corporate Accounting
VerifiedAdded on Ā 2023/04/24
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This report provides an analysis of fair value measurement (FVM) under AASB 13, as released by the IASB. It defines fair value as the price received from selling an asset or paid for transferring a liability in an orderly transaction among market participants. The report emphasizes that FVM is asset- or liability-specific, considering characteristics like restrictions and location. It discusses transaction assumptions, including principal markets and the highest/best use of non-financial assets. The document further explores the relationship between transaction value and fair value, highlighting scenarios where they may differ. It outlines various valuation techniques such as market, cost, and income approaches, including the present value approach. Finally, the report details the required disclosures for assisting financial report users in assessing valuation inputs and the impact of measurements on financial performance. The report includes references to various accounting and finance journals and standards.
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