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Essay / Research Paper Abstract
A 4 page paper. IFRS 13 Fair Value Measure becomes effective January 2013. Managers have the option of using this standard prior to that time, though. This paper explains what IFRS 13 is and how it was developed. The essay provides examples of differences between IFRS and GAAP. The writer comments on how this might affect Pfizer. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: ME12_PG698006.doc
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Unformatted sample text from the term paper:
13 will be effective on January 1, 2013 but organizations may adopt it earlier if they so choose. IFRS 13 does not mandate any new requirements. It is applicable
whenever other IFRSs mandate or allow fair value measurements. As the FASB states, IFRS 13 does "not introduce any new requirements to measure an asset or liability at fair value,
change what is measured at fair value in IFRSs or address how to present changes in fair value" (IFRS, 2011, p. 1). Prior to this project, fair value measurement
requirements were dispersed among several organizations and boards. This made it very confusing for organizations to comply with laws and regulations. Many of the requirements did not meet the goals
and objectives of having fair value measurements and since some contradicted others, the issue became even more confusing. The goals of the new requirements have now been clarified. Briefly, they
are: to reduce complexity and improve consistency of the principles of fair value measurements; to communicate the measurement objectives; to improve transparence; to increase convergence of IFRS and US GAAP
(IFRS, 2011). When the IFRS project began, some of the comments included the suggestion that the IFRS and the FASB should work towards having the same requirements as the IFRS
and the US GAAP for fair value measurement and for disclosing that information. The suggestion was to have wording that was identical or as close to each other as possible.
This led to the joint fair value project that began in October 2009 and was completed in May 2011. IFRS and GAAP now have the same definition and the same
disclosure requirements. There are some differences. IFRSs require a quantitative analysis for financial instruments while GAAP does not require a quantitative analysis. There are also differences regarding reporting for investment
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