ifrs 13_fair valuation

7/24/2019 IFRS 13_Fair Valuation

http://slidepdf.com/reader/full/ifrs-13fair-valuation 1/17

Table of

Contents

INTRODUCTION 2

FRA Project Repo

Group 5

NEHA PRASAD PGP/18/090

SANJANA GARGPGP/18/105

AMRITANSHU ROY PGP/18/180

ALARK JAISALPGP/18/28!

ARKA "ISAS PGP/18/289

IFRS-13

FAIR VALUE

MEASUREMENTSubmitted by:



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 1

#AIR 'ALUE MEASUREMENT PROCESS 5

#AIR 'ALUE HIERARCHY

'ALUATION METHODOLOGIES 9

MARKET APPROACH 9

INCOME APPROACH 11

COST APPROACH 12

DISCLOSURES 12

I#RS 1! DISCLOSURES AN EAMPLE 1

RE#ERENCES 1

Itroductio

IFRS 13 was prepared to provide a single source of guidance for all fair value measurements, to

clarify the definition of fair value and to enhance disclosures about reported fair value estimates



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 2

!istorically, fair value guidance was spread across various standards and it was incomplete in

certain places, while absent in other situations which created the room for inconsistency and

differences in interpretation when arriving at an estimate of fair value In providing a single

source of guidance and a precise definition of fair value, the standard aims to assist in improving

consistency and comparability, help preparers and auditors in fulfilling their role, and contributeto users" understanding of what fair value represents The standard addresses how to measure fair

value and not when to measure it

The ob#ectives of IFRS 13 are to

• $efine fair value

• %rovide a single set of re&uirements for measuring fair value

• Specify the disclosure re&uirements for fair value measurement

IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer aliability in an orderly transaction between mar'et participants at the measurement date ie theob#ective is to estimate the e(it price )eg the price to sell an asset rather than the price to buy theasset*

+n e(it price encompasses e(pectations about the future cash inflows and outflows associated

with an asset or liability from the perspective of a mar'et participant Fair value is a mar'et based measurement and not an entityspecific measurement and is measured using theassumptions that mar'et participants would use in pricing the asset or liability, includingassumptions about ris's +s a result, an entity"s intention to hold an asset or to settle or otherwisefulfil a liability is not relevant in measuring fair value

Fair value is measured assuming a transaction in the principal mar'et )the mar'et with thehighest volume and level of activity* for the asset or liability In the absence of a principal

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mar'et, it is assumed that the transaction would occur in the most advantageous mar'et thatwould ma(imi-e the amount that would be received to sell an asset or minimi-e the amount thatwould be paid to transfer a liability ta'ing into account transaction and transportation costs Theentity needs to have access to that mar'et, although it may or may not be able to transact in thatmar'et on the measurement date

The measurement is made up of one or more inputs which the mar'et participants use in valuingthe asset or liability The most reliable evidence of fair value is a &uoted price in an activemar'et In the absence of the &uoted price, entities use a valuation techni&ue to measure fair value These inputs form the basis for fair value hierarchy which is discussed in the ne(t section

Some 'ey elements of the Fair value framewor' are as given below.

Elements Definition/Meaning

Unit of account•

The determination of the unit of account must be established prior to determiningfair value

• $efined as the level at which an asset or a liability is aggregated or disaggregated

in an IFRS for recognition purposes

• The asset or liability measured at fair value might be either of the following.

a* + standalone asset or liability/ b* b* + group of assets, a group of liabilities, or a group of assets and liabilities

Principal market It is the mar'et with the greatest volume and level of activity for the asset or

liability

Most

advantageous

market

It is the mar'et that ma(imi-es the amount that would be received to sell the asset

or minimi-es the amount that would be paid to transfer the liability, after ta'ing

into account transaction costs and transport costs

Market

Participants

• 0ar'et participants are buyers and sellers in the principal )or most advantageous*

mar'et who are- independent- 'nowledgeable about the asset or liability/- able and willing to enter into a transaction

• Fair value is determined using mar'et participant assumptions, not entityspecific

assumptions +n entity"s own intentions are not relevant when estimating fair

value• Re&uires an entity to consider the assumptions a mar'et participant, acting in

their economic best interest, would use when pricing the asset or a liability

Price In determining the price of an asset or liability in the principal mar'et

• Transaction costs are not included as a component of the price Transaction costs

are considered to be entity specific

• Transport costs are not considered to be entity specific If the principal )or most



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advantageous* mar'et re&uires the asset to be transported from its current

location, then the associated transport costs should be considered as component

of the price

Valuation

Techniques

• + range of valuation techni&ues can be used when measuring the fair value of

un&uoted e&uity instruments

• udgement is involved not only when applying a valuation techni&ue, but also in

the selection of the valuation techni&ue

• IFRS 13 discusses three widely used valuation techni&ues which are.- The mar'et approach

- The cost approach- The income approach

Active Market • + mar'et in which transactions for the asset or liability ta'e place with sufficient

fre&uency and volume to provide pricing information on an ongoing basis

Entry Price • 2hen an asset is ac&uired or a liability is assumed in an e(change transaction, the

transaction price is termed as entry price

Eit Price • The price that would be received to sell an asset or paid to transfer a liability

!ighest and "est

use

• The highest and best use of a nonfinancial asset establishes its valuation premise

• It determines whether the asset should be valued on a standalone basis or as a

group in combination with other assets

• If the asset"s highest and best use is determined to be in combination with of

other assets )and potentially liabilities*, it is assumed that the complementary

assets )and potentially associated liabilities* would be available to mar'et

participants

#rderly

transaction

• + transaction that assumes e(posure to the mar'et for a period before the

measurement date to allow for mar'eting activities that are usual and customary

for transactions involving such assets or liabilities

• It is not a forced transaction

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F"ir V"&ue ier"rc#yIFRS 13 defines a hierarchy to increase the reliability and comparability of fair valuemeasurements and its related disclosures This hierarchy categori-es the valuation inputs intothree levels The hierarchy allots the highest priority to cited prices )unad#usted* in activemar'ets for identical liabilities4assets and unobservable inputs are given the lowest priority

(i!c&o!e i*orm"tio "bout *"ir +"&ue me"!uremet!



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Fair value measurements are categori-ed in their entirety based on the lowest level input that issignificant to the entire valuation

The fair value hierarchy is made up of three levels, with 5evel 1 being the highest level

'evel +

5evel 1 inputs are cited prices in active mar'ets for identical liabilities4assets that theindividual4firm has access to on the valuation date

The most reliable evidence of fair value is provided through a cited mar'et price in an activemar'et This is used with limited e(ceptions but without ad#ustment to measure fair valuewhenever available

If an individual4firm holds a position in a single liability4asset and the liability4asset is traded inan active mar'et, then the fair value of the liability4asset is measured within 5evel 1 as the

product of the cited price for the individual liability4asset and the &uantity held by theindividual4firm This holds even if the mar'ets normal daily trading volume is insufficient toabsorb the amount held and placing orders to sell the asset and the liability in a single operationmight affect the cited price

'evel ,

5evel 6 inputs are those inputs other than cited mar'et prices that are included within 5evel 1These are observable for the liability or asset, either directly )ie as prices* or indirectly )iederived from prices*

5evel 6 inputs often include.

− cited prices for comparable liabilities4assets in active mar'ets

− cited prices for identical or comparable liabilities4assets in mar'ets that may not be active

− interest rates and yield curves recognisable at fre&uently cited intervals

− implicit volatilities

− credit spreads

− inputs that can be derived primarily from or validated by observable mar'et data by

correlation or other means, also 'nown as mar'etcorroborated inputs

'evel -

5evel 3 inputs are unobservable valuation inputs for the liability or asset

These unobservable inputs are used to measure fair value to the degree that relevant observableinputs are not present4available, thereby permitting for circumstances in which there is little, if any, mar'et activity for the liability4asset on the valuation date +n individual4firm cultivatesunobservable inputs using the best information available in the situations, which might include



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) =

the individual4firms own data, ta'ing into account all facts about mar'et participant assumptionsthat is reasonably obtainable

$air Value Measurements *ategori.ation

The fair value measurement ob#ective remains the same irrespective of the level of the inputs tothe fair value measurement 7nobservable inputs also reflect the e(pectations that mar'et participants would use when pricing the liability4asset, including assumptions about ris'

+ bloc'age factor is a discount that reflects the number of instruments )ie 8* as a characteristicof the individual4firm"s holding relative to daily trading rather than a characteristic of theliability4asset +n individual4firm is forbidden from applying a bloc'age factor for a fair valuemeasurement for all three levels of the fair value hierarchy This is the case even in respect of positions that comprise a large number of identical liabilities4assets, such as financialinstruments

+n individual4firm selects those inputs that are consistent with the characteristics of the unit of valuation for the liability4asset that mar'et participants would consider

+n individual4firm should not select inputs that reflect si-e as a representative of theindividual4firm"s holding even if the mar'et"s everyday trading volume is not ade&uate to absorbthe complete &uantity held by the individual4firm without altering the mar'et price

If an individual4firm decides to enter into a transaction to sell a chun' of identicalliabilities4assets )eg financial instruments*, the conse&uences of that choice should not berecogni-ed before the transaction occurs irrespective of the level of the hierarchy in which the

fair value measurement is regarded as Selling a bloc' as opposed to selling the underlyingliabilities4assets separately or in multiple, smaller pieces is an individual4firmspecific decisionThese variances are not relevant in a fair value measurement, and therefore they should not bereflected in the fair value of a liability4asset

2hen no 5evel 1 input is available, a premium or discount should be applied to fair valuemeasurement if.



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 8

• mar'et participants would include the premium or discount when pricing the

liability4asset given its unit of valuation, which is specified in other guidance

• a premium or discount reflects the outloo' of mar'et participants that act in their

economic best interest

The application of a control premium would be appropriate in the absence of a5evel 1 input for the individual items if.

• The unit of valuation is a controlling interest

• The price to which a control premium is applied reflects the price of an interest without

control

• + mar'et participant would pay a premium above that price to obtain control

2hen a security is not traded in an active mar'et and its fair value is based on a modelbasedvaluation )thus causing the valuation to be categori-ed in 5evel 6 or 5evel 3*, the inclusion of ali&uidity ad#ustment may be suitable

The amount of a li&uidity ad#ustment should be determined based on the li&uidity of the specificliability"s or asset"s unit of valuation in the individual4firm"s ma#or )or most profitable* mar'etand not on the si-e of the individual4firm"s holding relative to the mar'et"s everyday tradingvolume

+s a practical e(pedient, an individual4firm may measure the fair value of certainliabilities4assets using a substitute method that does not rely e(clusively on cited prices This practical e(pedient is suitable only when the following criteria are met.

• The individual4firm holds a huge number of comparable )but not identical*

liabilities4assets

• 8uoted prices from an active mar'et, while e(isting, are not readily reachable for these

liabilities4assets individually )ie given the huge number of comparable liabilities4assetsheld by the individual4firm, it would be hard to obtain pricing information for eachindividual liability4asset at the valuation date*

In our view, the use of such an alternate method as a practical e(pedient also is sub#ect to thecondition that it results in a price that is illustrative of fair value 2e believe that the applicationof a practical e(pedient is not apt if it would lead to a valuation that is not representative of ane(it price on the valuation date

In some cases, a &uoted price in an active mar'et might not represent fair value at the valuationdate, which might occur if a significant event ta'es place after the close of a mar'et but beforethe valuation date )such as the declaration of a business combination or trading activity incomparable mar'ets* In that case, an individual4firm chooses an accounting policy, to be appliedsteadily, for recogni-ing those events that might affect fair value measurements



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 9

V"&u"tio Met#odo&o%ie!

To measure the fair price of an asset or liability, an entity uses valuation approaches that are

appropriate in the circumstances and for which sufficient data is there, such that the use of

pertinent observable inputs can be ma(imi-ed and the usage of unobservable inputs can be

minimi-ed

The main ob#ective of using any valuation methodology is to estimate the fair value at which a

mar'et transaction to sell an asset or to transfer a liability ta'es place between two mar'et

participants, under current mar'et settings

There are three valuation approaches that are used to measure the fair value.

Market Approach 0easure fair value by using the mar'et multiples derived using mar'et

transactions involving a set of comparable assets and liabilities

%ncome Approach 0easure fair value by converting future amounts li'e cash flows or income

9 e(penses, to a single current amount, reflecting current mar'et prospects

*ost Approach 0easure fair value using the current amount that would be re&uired to replace

the service capacity of an asset ie an investor will pay no more for the asset than the cost to

construct substitute entity of comparable utility

In few cases, a single valuation techni&ue can be used, whereas in other cases, multiple valuation

methodologies will be appropriate

MA&0ET APP&#A*!

There are many commonly used techni&ues that are consistent with this valuation approach.

1* 7sing transaction price of a similar instrument in an investee2hen an investor ma'es an investment in an tool which is similar to the un&uoted e&uity

instrument that is being valued, the transaction price )also called an entry price* might be

a rational starting point for determining the fair value of that e&uity instrument at the

measurement date !owever, an investor must use all information about the operation and

performance of an investee after the date of initial recognition up to that date :ecause

such info might have an effect on price of that un&uoted e&uity instrument of investee, it



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 10

is only in the limited situations that cost price may be a suitable assessment of fair value

on that measurement dateFor ;(ample.In 6<<<, ;ntity + bought ten e&uity shares of ;ntity :, a private company, signifying 1<

= of the outstanding shares of ;ntity :, for I>R 1,<<< ;ntity + is re&uired to measure

the fair price of noncontrolling e&uity interest in firm : as on 31 $ecember 6<<6 )ie the

measurement date* $uring 6<<6, ;ntity : raised funds as it issued new e&uity capital )1<

shares for I>R 1,6<<* to the other investors ;ntity + concluded that the transaction price

of the new e&uity shares issue for I>R 1,6<< represents the fair value at that date

Considering the shares of both the entities had same rights and conditions and there were

no significant changes in the environment

,1 Transaction and Trading Multiples

To measure the fair value of any instruments of an investee, an investor can consider the

fair value of the similar entities )ie comparable peer companies* for which mar'et pricesare available There are 6 main sources of info about the pricing of comparable firms.

&uoted prices in e(change mar'ets )For ;g., :S;, >S;* and an observable data from

transactions such as mergers and ac&uisitions recently happened 2hen such pertinent

information e(ists, an investor might be able to compute the fair price of an instrument by

deriving multiples from mar'et prices of publicly traded comparable peer companies )ie

trading multiples* or by multiples derived from observable information from merger 9

ac&uisition transactions involving the comparable firms )ie transaction multiples*The valuation multiples are categori-ed as follows.

•

;arnings multiples. used when one has to value an established business which hasa recogni-able stream of stable and continuing earnings

• :oo' value multiples. used by mar'et participants in the industries where an

entity uses its e&uity capital to ma'e earnings )for e(ample, price4boo' value ratio

for financial institutions*

• Revenue multiples. used for businesses which have not generated positive

earnings yet !owever in these cases, #udgement have to be e(ercised as there

might be variances between the profitability of investee and that of its comparable

peer companies In this conte(t, revenue multiples are used only for cross

chec'ingIn addition, few industries might have industryspecific benchmar's for performance that

can be used for comparison purposes )for e(ample, revenue4bed for hotels or ;nterprise

value4ton for cement companies or revenue4subscriber for telecommunications*

%)*#ME APP&#A*!

The valuation techni&ues under this approach are.



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 11

+1 Discounted *ash $lo2 Method

7nder this method, it is re&uired to estimate the e(pected cash flows from the entity For

practical purposes, if an entity has indefinite life, constant growth model is used or use e(it

multiple to determine the terminal value ?ne has to discount the e(pected cash flows to a present value at a rate that accounts for time value of money and the related ris's involved, to get

a fair value of the entity ;&uity valuation is done using free cash flow to e&uity )FCF;*, or by

calculating the enterprise value );@* using free cash flow to firm )FCFF* and then subtracting

the net debt

The commonly used discount rate )2+CC*

2+CC A $4)$ B ;* )1 D t* 'd B ;4)$ B ;* 'e

$ A value of debt capital

; A value of e&uity capital

'd A cost of debt

'e A cost of e&uity

t A effective income ta( rate

,1 Dividend Discount Model 3DDM1

The fair value of a firm"s e&uity instrument is the present value of all of its e(pected future

dividends in perpetuity This model is often used when measuring the fair price of an e&uity

instruments for the firm that consistently pays dividends If investors never e(pect any amount of

dividend to be paid, then $$0 means that the entity would have no or -ero value

*#(T APP&#A*!

The most 'nown valuation techni&ue under this approach.

Depreciated &eplacement *ost 3D&*1 method

It considers how much it would cost to replace an asset with a substitutable one of an e&uivalent

utility, after ta'ing into account functional, physical and economic obsolescence It calculates the

replacement cost of the capacity which is re&uired rather the actual asset



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 12

(i!c&o!ure!:

$isclosure re&uirements of the assessment of fair value are divided into two categories.

$isclosure of financial assets and liabilities measured at fair value in the balance sheet after

initial recognition This information is more e(tensive and distinguish between measures of

recurring and nonrecurring fair value

$isclosures about fair value measurements that are necessary or may be shared by other

codification topics4subtopics, but are not included in the balance sheet

Recurrent evaluations of fair value D This poses assets and liabilities measured at fair value at theend of each reporting period )for e(ample, trading securities*

>onrecurring fair value measurements D >onrecurring fair value measurements are triggered

by particular circumstances )for e(ample, an asset is classified as held for sale or a depreciated

asset !ence the need for measuring fair value under the applicable subthemes of codification*

The re&uirements for measurements of nonrecurring fair value re&uire disclosure of the amounts

of the closing date !owever, a measure of the fairtime value may have occurred prior to the

closing date In our opinion, the information in measuring the fair value should be based on the

fair value at which the asset is measured at the end of the reporting period, even if the fair value

was determined at an earlier date

For e(ample, if a loan is considered impaired at the end of >ovember1E and the entity of the

year is $ecember 31, the yearend financial statement disclosures apply to the fair value

determined on >ovember 1E

$isclosure re&uirements, which are the largest for recurring 5evel 3 evaluations are summari-ed

in the following table.

R 0andatory disclosure for all entities in tabular format

$isclosure re&uired only for public entities

G $isclosure re&uired for public entities and financial instruments for nonpublic entities

with a total assets of more than H 1<< million or have instruments that are recogni-ed as



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 1!

derivative instruments )other than originally commitments mortgage loans held for sale*

+n entity is re&uired to ma'e an accounting policy choice, to be applied consistently, to

determine what value to use when transfers between levels of the fair value hierarchy have

occurred The same accounting policy should be applied for transfers into or out of each level

!ere are three e(amples of policies that can be used to present the transfers into or out of

hierarchy levels of fair value.

+t fair value at the date of the event causing the transfer occurs/

+ measurement of the fair value at the beginning of the reporting period during which the

transfer too' place/ or 7se of fair value at the end of the reporting period in which the transfer too' place



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 1

Instructions on how to measure fair value applies to assets and liabilities for which fair value is

shown, even if these assets and liabilities are not recogni-ed at fair value in the financial

statements unless the article is specifically scoped on the sub#ect of codification

%$&( +- D%(*'#(U&E( An eample

2e have analy-ed the +nnual Report for 6<1 of %andora +4S, a $anish 5u(ury ewellery

manufacturer and retailer to observe how the company provides the disclosures mandated by

IFRS 13 under fair valuation

%andora measures all of its financial instruments li'e forward commodity contracts, forward

currency contracts and interest rate swaps at fair value

Financial instruments are initially recogni-ed at fair value at the date on which a contract is

entered into and are subse&uently measured at fair value For financial instruments not traded in

an active mar'et, the fair value is determined using appropriate valuation methods The methods

employed by the company are disclosed as recent arm"s length mar'et transactions, ta'ing

reference from the current fair value of another comparable instrument or by using $CF

methodology

%andora also provides the fair value disclosure for the business combination involving the ta'eover of the distributions rights from :luebell apan

:usiness combinations are accounted for using the ac&uisition method The cost of an ac&uisition

is measured as the aggregate of the consideration transferred, measured at ac&uisition date fair

value and the amount of any noncontrolling interests in the ac&uiree :usiness combinations are

accounted for using the ac&uisition method The cost of an ac&uisition is measured as the

aggregate of the consideration transferred, measured at ac&uisition date fair value and the amount

of any noncontrolling interests in the ac&uiree If any part of the cost of an ac&uisition is

contingent on future events or achievements, this cost is recorded at fair value at the time of

ac&uisition



I#RS$1! #%&r '%(u) M)%*ur)+),- P%.) 15

%andora also discloses on the fact that it measures a part of its intangible assets/ specifically the

Jdistribution networ'sK at fair value based on the estimation of costs the company avoids by

owning the assets and therefore not needing to rebuild it )the cost approach of valuation*

+s shown here, the company also

provides a disclosure regarding the

fair value hierarchy The financial

instruments are measured as per the

5evel 6 hierarchy based on

observable but non&uoted prices

Re*erece!

1* :usiness @aluation Resources, International Glossary of Business Valuation Terms

)6<<1*6* Citigroup Llobal 0ar'ets Inc, The Fundamentals: Equity Valuation, 1M 0arch 6<113* $amodaran +swath, Investment Valuation, Third ;dition, 2iley Finance* http.44www'pmgcom4FR4fr4Issues+ndInsights4+rticles%ublications4$ocuments4Converg

ence7SL++%IFRSFair@alue0easurement8uestionsand+nswers116<13pdf E* http.44wwwifrsorg4usearoundthe

world4education4fvm4documents4educationfairvaluemeasurementpdf N* http.44www6deloittecom4content4dam4$eloitte4ca4$ocuments4audit4caenauditclearly

ifrsfairvaluemeasurementifrs13pdf M* http.44wwwduffandphelpscom4sitecollectiondocuments4articles4vFI>O$%11161MO6<11OI

C+;2O+rticlepdf

http://www.kpmg.com/FR/fr/IssuesAndInsights/ArticlesPublications/Documents/Convergence-US-GAAP-IFRS-Fair-Value-Measurement-QuestionsandAnswers-112013.pdf


http://www.ifrs.org/use-around-the-world/education/fvm/documents/educationfairvaluemeasurement.pdf


http://www2.deloitte.com/content/dam/Deloitte/ca/Documents/audit/ca-en-audit-clearly-ifrs-fair-value-measurement-ifrs-13.pdf


http://www.duffandphelps.com/sitecollectiondocuments/articles/vFIN_DP111217_2011_ICAEW_Article.pdf












P* http.44wwwiaspluscom4en4standards4ifrs4ifrs13Q* http.44www6deloittecom4content4dam4$eloitte4ca4$ocuments4audit4caenauditclearly

ifrsfairvaluemeasurementifrs13pdf 1<* http.44www'pmgcom4FR4fr4Issues+ndInsights4+rticles%ublications4$ocuments4Converg

ence7SL++%IFRSFair@alue0easurement8uestionsand+nswers116<13pdf

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