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AASB13 Not to be under estimated!

AASB13 Not to be under estimated!. AASB13 Fair Value Measurement. Published September 2011 Mandatory for LG 1 July 2013 Guidance issued via CPA Australia ‘s Guide to Valuation and Depreciation. What have you done to prepare ?. Key Issues. New Definitions (FV and Asset Class)

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AASB13 Not to be under estimated!

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  1. AASB13Not to be under estimated!

  2. AASB13 Fair Value Measurement • Published September 2011 • Mandatory for LG 1 July 2013 • Guidance issued via CPA Australia ‘s Guide to Valuation and Depreciation What have you done to prepare?

  3. Key Issues • New Definitions (FV and Asset Class) • New prescribed process • New Concepts • Recurrent v Non-Recurrent • Asset Hierarchy / Level of Input • Highest and Best Use • New Complex Disclosures

  4. However • There is a nuance which will trick many and will not be come apparent till you start to do your year end disclosures ?

  5. Its about the valuation…. Not the assets • All disclosures are to be based on Asset and Liability Class (as defined by AASB13) • Not per the existing specific accounting standards Need to slice and dice based on different valuation approaches and the asset hierarchy Implications for GL with changes as at 1 July 2013

  6. AASB13 Workshop • Glenelg Pier Hotel • Tue 11 Feb 2013 • Free….. But only 30 spaces available • Registration Form • At APV table • www.apv.net (services/workshops)

  7. CPA Australia guide to valuation and depreciation • 216 pages • 18 month extensive peer review process • Covers technical and non-technical aspects • Only guidance that covers AASB13 for public sector in detail • Visit APV booth to organise a free copy !

  8. The proof of the pudding is in the eating !

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