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International GAAP 2012: Generally Accepted Accounting Practice under International Financial Reporting Standards by Ernst & Young

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Chapter 16

Fair value measurement

1 Introduction and Background

1.1 Introduction

1.2 The development of IFRS 13

1.3 Convergence with US GAAP

1.3.1 Practical expedient for alternative investments

1.3.2 Fair value of liabilities with a demand feature

1.3.3 Recognition of day-one gains and losses

1.3.4 Disclosures

2 Scope

2.1 Items in the scope of IFRS 13

2.1.1 Fair value measurement disclosures

2.1.2 Measurements based on fair value

2.2 Scope exclusions

2.2.1 Measurements similar to fair value

2.2.2 Exemptions from IFRS 13’s disclosures requirements

2.3 Fair value measurement exceptions in other standards

3 Definitions

4 The Fair Value Framework

4.1 Definition of fair value

4.2 The objective of a fair value measurement

5 The Asset or Liability

1.5 The unit of account

2.5 Characteristics of the asset or liability

5.2.1 Condition and location

6 The Principal (or most Advantageous) Market

6.1 The principal market

6.1.1 Can an entity have more than one principal market for the same asset or liability?

6.2 The most advantageous market

7 Market Participants

7.1 Characteristics of market participants

7.2 Market participant assumptions

8 The Transaction

8.1 Orderly transactions

8.2 Significant decrease in the volume and level of activity for an asset or liability

8.2.1 Estimating fair value when there has been a significant decrease in the volume and level of activity

8.3 Identifying transactions that are not orderly

9 The Price

9.1 Transaction costs

9.1.1 Are transaction costs the same ...

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