IFRS 13 defines fair value, sets out in a single IFRS Standard a framework for measuring fair value and requires disclosures about fair value measurements. IFRS 13 is substantially converged with Topic 820 Fair Value Measurement in US generally accepted accounting principles (US GAAP).
PIRs are conducted in two phases, the first to identify the focus areas for the review, if any, and the second to assess those areas using a variety of tools including a public Request for Information (RFI).
The Board has published RFI on IFRS 13, focusing on the following areas: disclosures about fair value measurements, prioritising Level 1 inputs or the unit of account, application of the concept of the highest and best use when measuring the fair value of non-financial assets, and application of judgement in specific areas. To submit a response to the RFI, please click here.
The Board will also review relevant literature and may also conduct surveys and other outreach.