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10 May. 2019

Decision to propose illustrative examples and clarification on fair value measurement for public sector entities

At the AASB Board meeting on 30 April, the Board made a decision to propose illustrative examples to help public sector entities apply some of the principles in AASB 13 Fair Value Measurement. The Board also decided to propose an amendment to AASB 13 that the cost approach in AASB 13 should be used to determine the fair value of assets of public sector not-for-profit entities held for their service capacity and not primarily for their ability to generate net cash inflows. 

Under the Board’s due process, the proposal will be issued in an Exposure Draft for public comment, which is expected to be issued during the third quarter of 2019.  Comments from the Exposure Draft will be taken into consideration by the Board, before deciding whether to amend AASB 13.

The Board’s decision to propose an amendment to AASB 13 does not imply that immediate action is required under the current wording of AASB 13.