IFRS 13 sets out a single IFRS framework for measuring fair value and provides comprehensive guidance on how to measure the fair value of both financial and non-financial assets and liabilities. IFRS 13 applies when another IFRS requires or permits fair value measurement or disclosures about fair value measurements, but it does not set out requirements on “when to” apply fair value measurement.

EFRAG has issued its Endorsement Advice Letter and Effects Study Report relating to the endorsement of IFRS 13 for use in the European Union and European Economic Area. EFRAG supports IFRS 13 and has concluded that it meets the requirements of endorsement. EFRAG has also concluded that the benefits to be derived from implementing IFRS 13 are likely to outweigh the costs involved.

The Endorsement Advice Letter can be downloaded below and the Effects Study Report can be found here