Thursday 2 November 2023


2:30 pm


1.5 CPD Hours

Session Topic

Getting fair values right for financial and non-financial assets

Many accounting standards require or permit fair-value measurements. Which ones are they? What do they demand? What are the basics of applying AASB 13 Fair Value Measurement? What are regulators’ concerns with fair values? What lessons can be learnt from its application?

When it comes to fair value, challenging economic environments and the risks posed by climate change may increase the degree of estimation uncertainty and management judgement. Consequently, clear and transparent disclosures become increasingly important.

This session will:

  • Identify and explain the accounting standards that require using fair values
  • Recap the basics of AASB 13 Fair Value Measurement
  • Discuss some of the shortcomings in its application, such as in related-party transactions and need for specialist advice
  • Look at disclosure practices, and
  • Identify what should be in your fair-value accounting-policy paper.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.


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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients.

Carmen is a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).