Under IFRS, fair value is one of the vital measurement basis for the measurement or disclosure of few assets and liabilities. Some of the IFRSs contained limited guidance about how to measure fair value, whereas others contained extensive guidance and that guidance was not always consistent and sometimes ambiguous. Inconsistencies in the requirements for measuring fair value and for disclosing information about fair value measurements have contributed to diversity in practice and have reduced the comparability. This resulted in the issue of IFRS 13 – Fair value measurements, providing single source of guidance on all fair value measurement, clarity in definition, reducing earlier ambiguity and enhancing disclosures etc. IFRS 13  provides framework for measuring fair value, enhancing consistency and comparability in financial reporting. In this blog we’ll discuss, evaluate the definition of fair value and its key aspects and determine how to apply the same in arriving at the ...

  In our previous blog–  IFRS 13: Fair Value Measurement- Part 1 , we discussed on the definition of fair value and key aspects of which management requires to consider while determining fair value under IFRS 13. Fair value is an exit price, thus while measuring fair value one should consider the price of such asset or a liability on the basis of its units (standalone or within group like CGU) and its characteristics, price in a principal market or most advantageous market, price in hypothetical transaction between market participants & the price to take exit from that asset or a liability or group. We have discussed these concepts with the help of suitable examples.   In this blog, we will further discuss the few more concepts required for fair value measurement viz. factors to consider for a non-financial asset, valuation techniques and hierarchy of information to be used while determining FV. We know that fair value is not an entity specific measure but is mark...

  In our previous blog, we discussed ACCA DipIFR exam utility interface & answer writing tips which will help students to get comfortable with CBE interface and to be familiar with the examination pattern and face it with confidence. This blog is especially for the students who chose Remote examination session i.e., who would appear from home or office instead of centre-based examination. This blog will guide you about technical requirements of the allowed devices and necessary care to be taken before and during the remote examination session. System Requirements: Operating System • Windows 11 and 10 (64-bit) – (excluding ‘S Mode’) • macOS 13 and above – (excluding beta versions) Note:   • Mac OS, starting with Mojave, now requires permission from the user to allow any hardware access     to an application, which includes OnVUE (proctorapp). Candidates should be prompted to allow this     ...