Federal Register of Legislation - Australian Government

Primary content

AASB 13 Standards/Accounting & Auditing as made
This Accounting Standard defines fair value, sets out in a single Standard a framework for measuring fair value, and requires disclosures about fair value measurements.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18
Registered 26 Sep 2011
Tabling HistoryDate
Tabled HR11-Oct-2011
Tabled Senate11-Oct-2011
Date of repeal 31 Dec 2017
Repealed by AASB 13 - Fair Value Measurement - August 2015

Explanatory Statement



Accounting Standard AASB 13
Fair Value Measurement

September 2011



Logo of the Australian Accounting Standards Board.

Includes the Australian Coat of Arms, with Australian Government and Australian Accounting Standards Board written below it.


Reasons for Issuing AASB 13

The International Accounting Standards Board (IASB) has issued IFRS 13Fair Value Measurementfor annual reporting periods beginning on or after 1 January 2013, with early application permitted.  The AASB needs to issue AASB 13Fair Value Measurementto enable Australian reporting entities to continue to be compliant with International Financial Reporting Standards in relation to fair value measurement.

Main Features of AASB 13

AASB 13defines fair value, sets out a framework for measuring fair value and requires enhanced disclosures about fair value measurements.  The Standard explains how to measure fair value for financial reporting purposes and does not require fair value measurements in addition to those already required or permitted by other Australian Accounting Standards. 

Application Date

AASB 13is applicable to annual reporting periods beginning on or after 1 January2013, with early application permitted, for both for-profit and not-for-profit entities.  Through a separate due process, the AASB will consider the relief from certain disclosure requirements that should be provided to entities that adopt Tier 2 Reduced Disclosure Requirements.

Consultation Prior to Issuing this Standard

The AASB issued Exposure Draft ED 181Fair Value Measurement in June 2009.  A second Exposure Draft ED 199 Measurement Uncertainty Analysis Disclosure for Fair Value Measurements (Limited re-exposure of proposed disclosure) was issued in July 2010.  The submissions received on ED 181 were generally supportive of the objective of the project, whilst there was limited support for the proposals in ED 199.  AASB 13 generally takes into account the comments received on the Exposure Drafts.

A Regulation Impact Statement has not been prepared in connection with the issuance of AASB 13 as the amendments made are minor in nature.