Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

Basis for conclusions on IFRS 13 introduction

Basis for conclusions on IFRS 13 introduction

Basis for conclusions on IFRS 13 introduction

This  Basis  for  Conclusions  summarises  the  considerations  of   the  International Accounting Standards Board (IASB) in reaching the conclusions in IFRS 13 Fair Value Measurement. It includes the reasons for accepting particular views and rejecting others. Individual IASB members gave greater weight to some factors  than  to others.

IFRS  13  is  the  result  of  the  IASB’s  discussions  about  measuring  fair  value  and disclosing information about fair value measurements in accordance with International Financial Reporting Standards (IFRSs), including  those  held  with  the US national standard-setter, the  Financial  Accounting  Standards  Board  (FASB), in their joint project on fair value measurement.

As   a   result   of   those   discussions,   the   FASB   amended   particular   aspects   of Topic 820 Fair Value Measurement in the FASB Accounting Standards Codification® (which codified FASB Statement of Financial Accounting Standards No. 157 Fair Value Measurements (SFAS 157)). The FASB separately developed a Basis for Conclusions summarising  its  considerations  in  reaching  the  conclusions  resulting  in  those  amendments.

Basis for conclusions on IFRS 13 introduction


Some IFRSs require or permit entities to measure or disclose the fair value of assets, liabilities or their own equity instruments. Because those IFRSs were developed over many years, the requirements for measuring fair value and for disclosing information about fair value measurements were dispersed and in many cases did not articulate a clear measurement or disclosure objective.

As  a  result,  some  of  those  IFRSs  contained  limited  guidance  about   how  to measure fair value, whereas others contained extensive guidance and that guidance was not always consistent across those IFRSs that refer to fair value. 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 of information reported in financial statements.

Basis for conclusions on IFRS 13 introduction

To  remedy  that  situation,  the  IASB  added  a  project  to  its  agenda  with  the following  objectives:

  • to establish a single set of requirements for all fair value measurements required or permitted by IFRSs to reduce complexity and improve consistency in their application, thereby enhancing the comparability of information reported in financial statements;
  • to clarify the definition of fair value and related guidance to communicate the measurement objective more clearly;
  • to enhance disclosures about fair value measurements that will help users of financial statements assess the valuation techniques and inputs used to develop fair value measurements; and
  • to increase the convergence of IFRSs and US  generally  accepted  accounting  principles  (GAAP).

Basis for conclusions on IFRS 13 introduction

IFRS 13 is the result of that project.   IFRS 13 is a single source of fair value measurement guidance that clarifies the definition of fair value, provides a clear framework for measuring fair value and enhances the disclosures about fair value measurements. It is also the result of the efforts of the IASB and the FASB to ensure that fair value has the same meaning in IFRSs and in US GAAP and that their respective fair value measurement and disclosure requirements are the same (except for minor differences in wording and style; see paragraphs BC237 and BC238 for the differences between IFRS 13 and Topic 820).

IFRS  13  applies  to  IFRSs  that  require  or  permit  fair  value      measurements  or disclosures. It does not introduce new fair value measurements, nor does it eliminate practicability exceptions to fair value measurements (eg the exception    in IAS 41 Agriculture when an entity is unable to measure reliably the fair value of a biological asset on initial recognition). In other words, IFRS 13 specifies how an entity should measure fair value and disclose information about fair value measurements. It does not specify when an entity should measure an asset, a liability or its own equity instrument at fair value.

Basis for conclusions on IFRS 13 introduction

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.

Basis for conclusions on IFRS 13 introduction provides India’s top IFRS faculty video classes – online & in Pen Drive/ DVD – at very cost effective rates. Get IFRS Video classes from  to do a great preparation for primary Student.

Watch IFRS sample video lectures  visit
Watch  IFRS  sample lecture books   visit
Watch IFRS free downloads   visit

Leave a comment

Your email address will not be published. Required fields are marked *