As part of its financial-reporting surveillance program, ASIC identified fair-value accounting
as a key challenge for preparers. Also, AASB 13 Fair Value Measurement is a relatively new and complex accounting standard. It is timely to revisit its requirements so that preparers and auditors can heed the regulatory warnings and improve their compliance. The session will:
- Identify ASIC’s concerns
- Revisit the key rules in AASB 13 Fair Value Measurement and related accounting standards, and
- Discuss how preparers may improve their fair-value determinations and reporting to address regulatory concerns.