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IFRS 13: Fair Value Measurement - Post-implementation Review


Project History

The IASB carries out a post-implementation review (PIR) of each new IFRS or major amendment. This is normally carried out two years after the new requirements have become mandatory and been implemented.

The purpose of a PIR is to evaluate if the Standard is working as the IASB intended. In particular, the IASB aims to assess whether:

  • the information required to be provided by IFRS 13 is useful to users of financial statements;
  • areas of IFRS 13 present implementation challenges and might result in inconsistent application of the requirements; or
  • unexpected costs have arisen when preparing, auditing or enforcing the requirements of IFRS 13 or when using the information that the Standard requires entities to provide. 

During Phase I the IASB undertook targeted outreach to identify areas in which implementation problems or unexpected costs with IFRS 13 were encountered. They also reviewed academic and other studies about the application of the Standard.

The areas identified during this phase is included in a Request for Information (Rfi), that was published for public comment on 25 May 2017.

During the second phase of the review, the IASB will undertake extensive outreach and analyse the public comments received in response to the Rfi to learn about experience in applying the Standard and the experience of investors and others in using the results it produces.

Current status     

EFRAG will gathered evidence from constituents across Europe to prepare its submission to the IASB's Request for Information.


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