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If the inputs used to measure fair value are categorised into different levels of the fair value hierarchy, the fair value measurement is categorised in its entirety in the level of the lowest level input that is significant to the entire measurement (based on the application of judgement). The hierarchy gives the highest priority to (unadjusted) quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The hierarchy categorises the inputs used in valuation techniques into three levels. IFRS 13 seeks to increase consistency and comparability in fair value measurements and related disclosures through a 'fair value hierarchy'. a business) within which the asset would be used Most advantageous market The market that maximises the amount that would be received to sell the asset or minimises the amount that would be paid to transfer the liability, after taking into account transaction costs and transport costs Principal market The market with the greatest volume and level of activity for the asset or liability Fair value hierarchy Fair value The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date Active market A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis Exit price The price that would be received to sell an asset or paid to transfer a liability Highest and best use The use of a non-financial asset by market participants that would maximise the value of the asset or the group of assets and liabilities (e.g.
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sets out in a single IFRS a framework for measuring fair value.Deloitte IFRS Podcast (May 2011, 10 minutes, 7mb).IFRS in Focus Newsletter IASB issues new standard on fair value measurement and disclosure summarising the requirements of IFRS 13 (PDF 78k, May 2011).Staff draft of a IFRS on fair value measurement releasedĮffective for annual periods beginning on or after 1 January 2013Īmended by Annual Improvements to IFRSs 2010–2012 Cycle (short-term receivables and payables)Īmendment to the basis for conclusions onlyĪmended by Annual Improvements to IFRSs 2011–2013 Cycle (scope of portfolio exception in paragraph 52)Įffective for annual period beginning on or after 1 July 2014Īmendments under consideration by the IASB VBO is the actuarial present value of vested benefits.Project on fair value measurement added to the IASB's agendaĭiscussion Paper Fair Value Measurements publishedĮxposure Draft Fair Value Measurement publishedĮxposure Draft Measurement Uncertainty Analysis Disclosure for Fair Value Measurements published The accumulated benefit obligation differs from the projected benefit obligation in that it makes no assumption about future salary levels. Accumulated Benefit Obligation (ABO)ĪBO is the actuarial present value of benefits (whether vested or non-vested) earned to date based on current salary levels, ignoring future salary increases. It measures the obligation of the company on a going concern assumption. PBO is the actuarial present value at the assumed discount rate of all future pension benefits earned to date, based on expected future salary increases.
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Here are the three ways of measuring pension obligation: 1.
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It is denoted as the present value of defined benefit obligation (PVDBO) under IFRS and projected benefit obligation (PBO) under US GAAP. The pension obligation is measured as the present value of future benefits that the employees earn for services provided to date under both IFRS and US GAAP.
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