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We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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Audit of annual and consolidated financial statements
Objectivity, expertise and experience are crucial when it comes to assurance services. And above all developing a strong working relationship with our clients is the foundation of our service approach.
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Assurance related advisory services are based on the knowledge and expertise that are the staff of life of our auditors.
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We apply our global audit methodology through an integrated set of software Tools.
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Accounting related consulting
Accounting in accordance with UGB, US-GAAP or IFRS is in constant motion. The integration of new regulations into their own accounting systems poses special challenges for companies.
At Grant Thornton, tax is a key part of our organisation and our award-winning teams can offer you a range of solutions, whatever the size of your business or...
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Experts at Grant Thornton Unitreu have many years of experience and provide the full spectrum of tax services. They are familiar with the specifics of the Austrian market in all aspects of tax and economic law. Tax consultants at Grant Thornton Unitreu take pride in developing and concluding effective and individual solutions.s.
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Preparation of annual & consolidated financial statements
Depending on the size of your company and the legal form chosen, you are obliged to prepare annual financial statements. In addition, shareholders, owners and management want to be provided with financial information on a regular basis. We support you in fulfilling your recording obligations and thus ensure that you present companies, the bank and other addressees with meaningful and reliable figures.
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IT Audit
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Crisis Management
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IFRS 13 ‘Fair Value Measurement’ explains how to measure fair value by providing clear definitions and introducing a single set of requirements for almost all fair value measurements.
This Standard clarifies how to measure fair value when a market becomes less active. IFRS 13 applies to both financial and non-financial items but does not address or change the requirements on when fair value should be used.
IFRS 13 has been effective since 1 January 2013 and was subject to a Post Implementation Review (PIR) in 2017. As a result of this PIR, the International Accounting Standards Board (IASB) concluded that IFRS 13 is working as intended. Specifically:
- the information required by IFRS 13 is useful to users of financial statements
- some areas of IFRS 13 present implementation challenges, mainly in areas requiring judgement. However, evidence suggests that practice is developing to resolve these challenges, and
- no unexpected costs have arisen from application of IFRS 13.
The IASB therefore concluded no changes were required to IFRS 13.
Insights into IFRS 13 - Fair Value Measurement
In this insight you will find:
- A summary of IFRS 13 Fair Value Measurement
- Scope of the Standard
- Definition of Fair Value
- The fair value measurement approach in IFRS 13
- Valuation techniques referred to in IFRS 13
- Presentation and Disclosures in IFRS 13.
How we can help
We hope you find the information in this article helpful in giving you some insight into IFRS 13. If you would like to discuss any of the points raised, please speak to our experts Christoph Zimmel and Rita Gugl.
