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Information on Basis for conclusion on IFRS 13 scope

Basis for conclusion on IFRS 13 scope

Basis for conclusion on IFRS 13 scope

The  boards  separately  discussed  the  scope  of  their  respective fair  value measurement standards because of the differences between IFRSs and US GAAP in the measurement bases specified in other standards for both initial recognition and subsequent measurement.

IFRS 13 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),  except  in  the  following  circumstances:

  • The measurement and disclosure requirements of IFRS 13 do not apply to the following:
    • share-based payment  transactions  within  the  scope  of  IFRS
  • leasing transactions within the scope of IAS 17 Leases; and
  • measurements that have some similarities to fair value  but  are  not fair value, such as  net  realisable  value  in  accordance  with  IAS 2 Inventories and value in use in accordance with IAS 36 Impairment of Assets
  • The disclosures required by IFRS 13 are not required for the following:
    • plan assets measured at fair value in accordance with IAS 19

Employee Benefits;

  • retirement benefit plan investments measured at fair value in accordance with IAS 26 Accounting and Reporting by Retirement Benefit Plans; and
  • assets for which recoverable amount is fair value less costs of disposal in accordance with IAS  36

Basis for conclusion on IFRS 13 scope

The exposure draft proposed introducing a new measurement basis for IFRS 2, a market-based value. The definition of market-based value would have been similar to the exit price definition of fair value except that it would specify that the measurement does not take into account market participant assumptions for vesting conditions and reload features.  Respondents  pointed  out  that  some  items measured at fair value in IFRS 2 were consistent with the  proposed  definition of fair value, not with the proposed definition of market-based value,   and were concerned that there could be unintended consequences of moving forward with a market-based value measurement basis in IFRS  2.  The  IASB  agreed with those comments and concluded that amending IFRS 2 to distinguish between measures that are fair value and those based  on  fair  value  would  require new measurement guidance for measures based on fair value. The IASB concluded  that  such  guidance  might  result  in  unintended  changes  in     practice  with regard to measuring share-based payment transactions and decided to exclude IFRS 2 from the scope of IFRS 13.

Basis for conclusion on IFRS 13 scope

The   IASB   concluded   that   applying   the   requirements   in   IFRS   13   might significantly change the classification of leases and the timing of recognising gains or losses for sale and leaseback transactions. Because there is a project under way to replace IAS 17, the IASB concluded that requiring entities to make potentially significant changes to their accounting systems for the IFRS on fair value measurement and then for the IFRS on lease accounting could be burdensome.

The exposure draft proposed that the disclosures about fair value measurements would be required for the fair value of plan assets in IAS 19 and the fair value of retirement benefit plan investments in IAS 26. In its project to amend IAS 19 the IASB decided to require an entity to disaggregate the fair value of the plan assets into classes that distinguish the risk and liquidity characteristics of those assets, subdividing each class of debt and equity instruments into those that have a quoted market price in an active market and those that do not. As a result, the IASB decided that an entity does not need to provide the disclosures required by IFRS 13 for the fair value of plan assets or retirement benefit plan investments

Basis for conclusion on IFRS 13 scope

The   exposure   draft   was   not   explicit   about   whether   the   measurement   and disclosure requirements in the exposure  draft  applied  to  measurements  based  on fair value, such as fair value less costs to sell in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations or IAS 41. In the boards’ discussions, they concluded that the measurement and  disclosure  requirements  should  apply  to  all measurements for which fair value is the underlying measurement  basis  (except that the disclosure requirements would not apply to assets with a recoverable amount that is fair value less costs of disposal in IAS 36; see  paragraphs BC218–BC221). Consequently, the boards decided to clarify that the measurement and disclosure requirements apply  to  both  fair  value measurements and measurements based on fair value.   The boards also decided    to clarify that the measurement and disclosure requirements do not apply to measurements that have similarities to fair value but are not fair value, such as     net realisable value in accordance with IAS 2 or value in use in accordance with   IAS.

The  boards  decided  to  clarify  that  the  measurement  requirements  apply  when measuring the fair value of an asset or a liability that  is  not  measured  at  fair  value in the statement of financial position but for which the  fair  value  is  disclosed (eg for financial instruments subsequently measured at amortised cost   in accordance with IFRS 9 Financial Instruments or IAS 39 Financial Instruments: Recognition and Measurement1 and for investment property subsequently measured using the cost model in accordance with IAS 40 Investment Property).

Basis for conclusion on IFRS 13 scope

The International Financial Reporting Standards Foundation, or IFRS Foundation, is a nonprofit accounting organization. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRSs) through the International Accounting Standards Board (IASB), which it oversees.

The foundation was formerly named the International Accounting Standards Committee (IASC) Foundation until a renaming on 1 July 2010, and as of 2012 is governed by a board of 22 trustees.

The IFRS Foundation also develops and maintains the IFRS Taxonomy, which is the representation of the IFRSs in eXtensible Business Reporting Language (XBRL), via its XBRL team. The team is supported by the XBRL Advisory Council and the XBRL Quality Review Team, which respectively provide strategic advice and reviews developed taxonomies.Additionally, in 2012 the foundation issued a call for industry participants in a project to develop “common industry practice concepts” for the taxonomy.

XBRL provides a “common, electronic format for business and financial reporting”, which will contribute to the global convergence of accounting standards towards IFRS; the director of XBRL activities at the IFRS Foundation, Olivier Servais, hopes that “everybody will be using it” in future.As of March 2012, the IFRS Taxonomies have “considerably fewer” tags than GAAP taxonomies, and the Security and Exchange Commission has not approved the IFRS Taxonomy for use in XBRL filings in the United States.

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