The IASB has published IFRS 13, Fair Value Measurement. The standard:
- explains how to measure fair value by providing a clear definition and introducing a single set of guidance for (almost) all fair value measurements;
- clarifies how to measure fair value when a market becomes less active;
- improves transparency through additional disclosures.
IFRS 13 applies to both financial and non-financial items but does not address or change the requirements on when fair value should be used.
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