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IFRS 13 Fair Value

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IFRS 13 Fair Value

Viewing 4 posts - 1 through 4 (of 4 total)
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  • August 25, 2020 at 9:31 am #581872
    John1998m
    Participant
    • Topics: 73
    • Replies: 40
    • ☆☆

    Hello! dear tutor,

    Hope that you are well

    I am having difficulty understanding the levels of Fair values as outlined in IFRS 13. Could you please explain all the three levels in easy way?

    Thanks

    August 25, 2020 at 4:43 pm #581969
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    What is it exactly that you do not understand?

    Thanks

    August 26, 2020 at 8:06 pm #582208
    John1998m
    Participant
    • Topics: 73
    • Replies: 40
    • ☆☆

    I don’t understand the 3 levels input completely & what is the purpose of them. Could you please explain them in simple words such as ‘quoted market prices that are observable for the asset or liability’

    August 29, 2020 at 10:10 am #582615
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    The purpose is to give additional guidance on what is a subjective area of accounting (valuation of assets and liabilities) thus allowing the accounts presented to be more useful.

    Quoted market prices are those on a recognised stock exchange.

    Have you watched the videos and read the class notes?

    Thanks

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