KPMG provides reaction to the new accounting standard on fair value measurement published by the IASB.
The International Accounting Standards Board (IASB) today issued IFRS 13 Fair Value Measurement. IFRS 13 replaces the fair value measurement guidance currently dispersed across different IFRS standards with a single definition of fair value and extensive application guidance. Egbert Eeftink, the leader of KPMG’s global IFRS Valuation and Impairment team, said: “The new standard will facilitate preparers to better describe and users to better understand the fair value measurements applied in financial statements. Fair value measurement concerns were highlighted during the financial crisis and we are pleased that the IASB and FASB have addressed this issue. We support the IASB and FASB efforts to develop a converged standard and achieve a largely common position.”
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