Global Standards for the world economy

Thursday 12 December 2019

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Fair Value Measurement

IASB meeting summaries

 IASB/FASB March 2011



The IASB discussed the effective date of an IFRS on fair value measurement in the light of the feedback received on the Request for Views Effective Date and Transition Methods.

The IASB tentatively decided that the effective date of an IFRS on fair value measurement should be 1 January 2013. That effective date would give entities (including those in emerging and transition economies) enough time to analyse the requirements and to make any necessary systems changes. It would also allow enough time for translation and for introducing the mandatory requirements into law. Tweleve Board members supported the proposed date, one preferred an earlier date, one a later date and one Board member was not present when the vote was taken.

The IASB also tentatively decided that early application should be permitted, in conformity with the proposal in the exposure draft. That would allow entities to apply the measurement and disclosure requirements as soon as practicable, thereby improving comparability in measurement and transparency in disclosures. It would also improve comparability with entities applying US GAAP. The decision was supported by all Board members present.

The IASB plans to issue an IFRS on fair value measurement in April 2011.

Date: 3/15/2011