The purpose of this course is to familiarize you with the guidance on fair value measurement described in IFRS 13, Fair Value Measurement. Prior to issuing IFRS 13 in May 2011, there was no single standard that addressed the concept of fair value or provided guidance on how to determine fair value for those assets and liabilities for which fair value was the required or a permitted measurement. This standard does not prescribe what needs to be reported at fair value. However, when a standard does require or permit measurement at fair value, an entity should apply IFRS 10, unless the particular situation under consideration is outside its scope.
When you complete this course you will be able to:
- Define fair value and the unit of account for fair value measurement.
- Describe the characteristics of an asset or liability and other considerations that should be taken into account when determining fair value.
- Understand how to apply the guidance in IFRS 10 to non-financial assets.
- Understand how to apply the guidance in IFRS 10 to liabilities and an entity’s own equity instruments.
- Describe the various valuation techniques that are appropriate in difference circumstances.
- Understand the fair value hierarchy.
- Describe the disclosures required by IFRS 10.
Advanced Preparation: None
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