International Financial Reporting Standard 13 Fair Value Measurement (IFRS 13)

This IFRS defines fair value sets out in a single IFRS a framework for measuring fair value; and requires disclosures about fair value measurements.

This IFRS applies when another IFRS requires or permits fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements).

The measurement and disclosure requirements of this IFRS do not apply to the following:

(a) share‑based payment transactions within the scope of IFRS 2 Share‑based Payment;

(b) leasing transactions accounted for in accordance with IFRS 16 Leases; and

(c) measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 Inventories or value in use in IAS 36 Impairment of Assets.

The disclosures required by this IFRS are not required for the following:

(a) plan assets measured at fair value in accordance with IAS 19 Employee Benefits;

(b) retirement benefit plan investments measured at fair value in accordance with IAS 26 Accounting and Reporting by Retirement Benefit Plans; and

(c) assets for which recoverable amount is fair value less costs of disposal in accordance with IAS 36.

An entity shall disclose information that helps users of its financial statements assess both of the following:

(a) for assets and liabilities that are measured at fair value on a recurring or non‑recurring basis in the statement of financial position after initial recognition, the valuation techniques and inputs used to develop those measurements.

(b) for recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss or other comprehensive income for the period.