The purpose of this course is to familiarise you with the guidance on fair value measurement described in IFRS 13, Fair Value Measurement. Prior to issuing IFRS 13 in May 2011, there was no single standard that addressed the concept of fair value or provided guidance on how to determine fair value for those assets and liabilities for which fair value was the required or a permitted measurement.
This standard does not prescribe what needs to be reported at fair value. However, when a standard does require or permit measurement at fair value, an entity should apply IFRS 10, unless the particular situation under consideration is outside its scope.