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2020 Updated list of international financial reporting standards (IFRS)

The following is the list of international financial reporting standards:

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3 level hierarchy recommended by IFRS 13 to evaluate informational inputs into the measurement of fair value.

To increase consistency and comparability in fair value measurements and related disclosures, the IFRS 13 establishes a fair value hierarchy  that categorizes into three levels, the input to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active market for identical assets and liability (level 1 input) and … Read the rest

Meaning of the term ‘fair value’ as defined by IFRS 13.

Many accounting standards require or permit the use of fair values in measuring assets and liabilities. However, there has not always been consistency between these standards regarding the methods of arriving at fair values. IFRS 13 Fair values was issued on may 2011 as an attempt to remedy this problem. The IFRS aim to define fair value, set out the … Read the rest