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The International Accounting Standards Board (Board) has today published a summary report on its Post-implementation Review (PIR) of the fair value measurement Standard, IFRS 13, which showed that the Standard works as intended.
The Board conducts a PIR of new Standards and major amendments to a Standard after they have been in use around the world for two or three years. The purpose is to consider—with input from stakeholders—whether the Standard functions as expected and whether the information it requires companies to provide is useful to users of financial statements. A PIR also assesses whether any unexpected costs have arisen during implementation.
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