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Implications of the new “Fair Value” Standard

Implications of the new “Fair Value” Standard. Guide to Valuation & Depreciation for the Public Sector. Standards. Decision Trees available from www.apv.net www.fairvaluepro.com.au. Issued late 2011 Applies for 1 Jan 2013 onwards Fair Value consistency across all standards

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Implications of the new “Fair Value” Standard

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  1. Implications of the new “Fair Value” Standard

  2. Guide to Valuation & Depreciation for the Public Sector

  3. Standards Decision Trees available from www.apv.net www.fairvaluepro.com.au

  4. Issued late 2011 Applies for 1 Jan 2013 onwards Fair Value consistency across all standards New Definition …. “exit” price New concepts New complex disclosures IFRS13/AASB13 “Fair Value”

  5. Fair Value Definition Was: “the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.” Will be: “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.”

  6. Residual Value Definition Was: “is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.” Will be: “the amount an entity could receive for the asset currently (at the financial reporting date) if the asset were already as old and worn as it will be when the entity expects to dispose of it.”

  7. Hierarchy of Valuation Input Level 1 (Quoted Price) Level 2 (Observable Market Evidence) Level 3 (Non-observable market evidence) Recurring v Non-Recurring Valuations New Concepts

  8. Dependent upon whether Recurring or Non-Recurring valuation Level of Valuation Input New Disclosure

  9. APV website (www.apv.net) Fair Value Pro websites (www.fairvaluepro.com.au) Email David@apv.net Draft CPA Guide, Tools & Help

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