Webcast: Modifications to AASB 13 Fair Value Measurement applicable to not-for-profit public sector entities

Tuesday, March 7, 2023

AASB staff prepared a webcast to provide a high-level overview of the modifications to AASB 13 Fair Value Measurement applicable to not-for-profit public sector entities.

In December 2022, the Board issued AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities to modify AASB 13.

The AASB 13 modifications:

• are applicable only to not-for-profit public sector entities;
• are limited to fair value measurements of non-financial assets not held primarily for their ability to generate net cash inflows;
• are to be applied prospectively for annual periods beginning on or after 1 January 2024, with earlier application permitted;
• would not necessarily change practice for some not-for-profit public sector entities; and
• do not indicate that entities changing practice in how they measure relevant assets made an error in applying the existing requirements of AASB 13.

The webcast can be accessed here.