What does IFRS 13 apply to?

Scope. IFRS 13 applies to all transactions and balances (whether financial or non-financial), with the exception of share-based payment transactions accounted for under IFRS 2, Share-based Payment, and leasing transactions within the scope of IAS 17, Leases.

What is the main objective of IFRS 13?

The objective of IFRS 13 is to set out a single definition of fair value and to require entities to provide disclosures regarding fair value in their financial statements for all assets and liabilities (financial and non-financial) measured at fair value [IFRS 13 paragraph 1].

What is a Level 3 investment?

Level 3 assets are financial assets and liabilities that are considered to be the most illiquid and hardest to value. Examples of Level 3 assets include mortgage-backed securities (MBS), private equity shares, complex derivatives, foreign stocks, and distressed debt.

What is the difference between fair value and market value?

What Is the Difference Between Fair Value and Market Value? Fair value is a broad measure of an asset’s intrinsic worthwhile market value refers solely to the price of an asset in the marketplace as determined by the laws of demand and supply. As such, fair value is most often used to gauge the true worth of an asset.

What is a Level 2 input?

What is the definition of Level 2 inputs? Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs would include, for example, quoted prices for similar assets or liabilities.

When to use NZ IFRS model financial statement?

These model financial statements can also be used as an illustrative example of annual financial statements prepared under NZ IFRS (RDR) by a for-profit Tier 2 reporting entity, for the reporting period ending 31 December 2015. The Reduced Disclosure Regime provides exemptions from certain disclosures of full NZ IFRS.

What are the disclosure requirements of IFRS 13?

The disclosure requirements of IFRS 13 are intended to provide users of financial statements with information about the valuation techniques and inputs used to develop fair value measurements and how fair value measurements using significant unobservable inputs impacted performance for the period.

When did New Zealand comply with international financial reporting standards?

The Treasury was responsible for ensuring that the financial statements of the Government of New Zealand (FSGNZ) from 1 July 2007 until 30 June 2014 comply with NZ IFRS.

When did the IFRS 13 fair value standard come out?

The Standard defines fair value on the basis of an ‘exit price’ notion and uses a ‘fair value hierarchy’, which results in a market-based, rather than entity-specific, measurement. IFRS 13 was originally issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. History of IFRS 13

What does IFRS 13 apply to? Scope. IFRS 13 applies to all transactions and balances (whether financial or non-financial), with the exception of share-based payment transactions accounted for under IFRS 2, Share-based Payment, and leasing transactions within the scope of IAS 17, Leases. What is the main objective of IFRS 13? The objective of IFRS…