IFRS 13: Fair Value Measurement
Framework for measuring fair value and disclosure requirements, including the fair-value hierarchy (Level 1, 2, 3).
Why IFRS 13 matters
Level 3 fair-value measurements are estimate audits in their highest form. Inspection focus is constant.
Framework: International Financial Reporting Standards (IFRS)
IFRS are issued by the IFRS Foundation and used by Canadian publicly accountable enterprises as required by Part I of the CPA Canada Handbook. Auditors test whether the financial statements comply with IFRS as issued by the IASB.
Primary source: IFRS Foundation
Frequently asked
What is IFRS 13?
Framework for measuring fair value and disclosure requirements, including the fair-value hierarchy (Level 1, 2, 3).
Why does IFRS 13 matter for an audit?
Level 3 fair-value measurements are estimate audits in their highest form. Inspection focus is constant.
Which framework does IFRS 13 belong to?
IFRS 13 falls under International Financial Reporting Standards (IFRS). IFRS are issued by the IFRS Foundation and used by Canadian publicly accountable enterprises as required by Part I of the CPA Canada Handbook. Auditors test whether the financial statements comply with IFRS as issued by the IASB.
Related standards — International Financial Reporting Standards (IFRS)
See how Auditus checks IFRS 13
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