The new concept of fair value in international standards: new and practical implications
DOI:
https://doi.org/10.51302/rcyt.2013.6423Keywords:
IASB, IFRS, IAS, fair value, market valueAbstract
Since last January, IFRS 13 Fair Value Measurement should be effective. This replaces the former concept of fair value, which has been extensively applied in different Standards, especially in IAS 39. This article explains the fundamental characteristics of the concept and makes some reflections about the concept and the application. Concretely, the increasing information that it implies and the consequences for auditing are outlined. Some useful comments for practical issues are provided.
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References
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