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May 2011 - IASB and FASB issue guidance on fair value measurement and disclosure

The IASB and FASB have issued new IFRS and US GAAP guidance on fair value measurement and disclosure requirements. The guidance is set out in IFRS 13, 'Fair value measurement'. Their release also concludes part of the IASB’s response to the financial crisis.

The requirements, which are largely aligned between IFRSs and US GAAP, do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs or US GAAP. It also requires enhanced disclosure requirements on all assets and liabilities measured at fair value, not just financial instruments.

IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. IFRS 13 is effective for annual periods beginning on or after 1 January 2013.