Document ID: chunk:federal_register_of_legislation:F2024C00046:body:0:p2
Version: federal_register_of_legislation:F2024C00046
Segment Type: other
Provision Reference: 
Character Range: 3006–6090

valuation techniques
General principles 67
Inputs based on bid and ask prices 70
Fair value hierarchy 72
Level 1 inputs 76
Level 2 inputs 81
Level 3 inputs 86
Disclosure 91
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus99.2
Appendices
A  Defined terms
B  Application guidance
C  Effective date and transition
E  Australian simplified disclosures for Tier 2 entities
F  Australian implementation guidance for not-for-profit public sector entities

AUSTRALIAN ILLUSTRATIVE EXAMPLES FOR NOT-FOR-PROFIT PUBLIC SECTOR ENTITIES
COMPILATION DETAILS
Deleted IFRS 13 text

BASIS FOR CONCLUSIONS ON aasb 2015-7
BASIS FOR CONCLUSIONS ON aasb 2022-10

available on the AASB website
Illustrative examples
Basis for Conclusions on IFRS 13

Australian Accounting Standard AASB 13 Fair Value Measurement (as amended) is set out in paragraphs 1 – Aus99.2 and Appendices A – C, E and F.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A are in italics the first time they appear in the Standard.  AASB 13 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IFRS 13
AASB 13 Fair Value Measurement as amended incorporates IFRS 13 Fair Value Measurement as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 13) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 13 also comply with IFRS 13.
Not-for-profit entities' compliance with IFRS 13 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 13.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 13

The Australian Accounting Standards Board made Accounting Standard AASB 13 Fair Value Measurement under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 13 applies to annual periods beginning on or after 1 January 2024.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

Accounting Standard AASB 13

Fair Value Measurement

Objective
1 This Standard:
(a) defines fair value;