Strategic Business Reporting

IFRS 13 FV Measurement
 Additional Information
 An article was published by ACCA for AB
Magazine in 2011.
 Link-
https://www.accaglobal.com/uk/en/membe
r/ab/cpd-ab.html
 Additional Information in the link has
been mentioned in the next slide.
IFRS 13 FV Measurement
 Disclosure

 The guidance includes enhanced disclosure

requirements that could result in more work for
reporting entities. Required disclosures include:
 information about the hierarchy level into which fair
value measurements fall;
 transfers between levels 1 and 2;
 methods and inputs to the fair value measurements
and changes in valuation techniques; and
 additional disclosures for level 3 measurements that
include a reconciliation of opening and closing
balances, and quantitative information about
unobservable inputs and assumptions used.
IFRS 13 FV Measurement
 Additionally read Technical Article on IFRS
13 FV Measurement.
 Link-
https://www.accaglobal.com/uk/en/membe
r/ab/cpd-ab.html
 The disclosure part that is mentioned in
the above slide has already been included.
IFRS 13 FV Measurement- Practice
 Question 22 Mehran part (A)
IFRS 13 FV Measurement
 Additional Information (Printout)-
Calculation of FV of Liability and
Summary of IFRS 13.
IFRS 5 NCA HFS & Discontinued
Operations
 It is applicable on all NCA’s except for:
1. DTA
2. Assets arising from Employee Benefits
3. Financial Assets within the scope of IFRS 9.
4. Investment Properties accounted under FV
model.
5. Biological Assets measured at FV.
6. Contractual Rights under Insurance
Contracts.
Solution
 Either the asset is disclosed as Asset Held
for Sale or as a discontinued operation.
 Since it does not qualify into any of these
headings so it should be disclosed as
Continuing Operations.
 Because the steel work is being closed
rather than sold.
 Although the firm was committed for the
closure, this has not yet taken place and
therefore it must be included in the
continuing operations.
Discontinued Operations
 Read the next slide once done with the
group.
Ethics note
How mgt may try to manipulate
Fst’s via IFRS 5
IFRS 5 NCA HFS & Discontinued
Operations
 Additional Information (Printout)-
Summary of IFRS 5.
IAS 34 Interim Financial Reporting
 It either contains complete set of Financial
Statements or condensed financial
statements.
 The minimum content of Financial
Statements include:
1. Condensed SFP.
2. Condensed SPL.
3. Condensed SCF.
4. Condensed SOCIE.
5. Selected Explanatory Notes.