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Important Stuff on Ind AS 113, Fair Value Measurement

Indian Accounting Standard (Ind AS) 113, Fair Value Measurement, Important Material

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Ind AS 113: Fair Value Measurement

Ind ASs measurements are mainly driven by fair value. Before Ind AS 113 there was no comprehensive Standard on fair value. There was inconsistency in application of Fair value. These inconsistencies have led to diversity in practice and lack of comparability of information reported in financial statements.

Ind AS-113 fair value measurement sets out a single source of comprehensive guidance on how to measure the fair value of both financial and non-financial assets and liabilities.

Ind AS-113 includes descriptions of certain valuation approaches and techniques, it is not a valuation standard and does not prescribe how valuations should be performed.


This Ind AS:
(a) defines fair value;
(b) sets out a framework for measuring fair value; and
(c) requires disclosures


Non Applicability of measurement and disclosure requirements:
(a) Share-based payment transactions
(b) Leasing transactions
(c) Measurements that have some similarities to fair value but are not fair value.


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