The Accounting Standards Council (ASC) has submitted comment letters to the International Accounting Standards Board (IASB) on Request for Information: Post-implementation Review: IFRS 13 Fair Value Measurement.
The Post-implementation review is to evaluate the overall effectiveness of IFRS 13.
The comments submitted are formulated based on feedbacks received from ASC’s constituents and do not purport to represent the views of the ASC. Notwithstanding the comments submitted, ASC recognise that valuation is an area outside the traditional boundaries of financial reporting, and the IASB’s constraints in developing valuation guidance.
ASC has recommended that the IASB should focus on how the current concepts in IFRS 13 and what additional considerations would apply to the identified areas of challenges, while working with the relevant international bodies not only to develop specific valuation guidance to address those challenges, but to ensure consistency in the fair value concepts between IFRS 13 and the specific valuation guidance.
The comments can be viewed from the ASC website.
Source: ASC, 22 September 2017