IASB has issued a request for comments for appraisers’ experience with IFRS 13 in order to evaluate whether the standard is working as intended and its effect on how information about fair value measurements is used. The deadline for submitting responses is Sept. 22, 2017. The board is focusing this post-implementation review (PIR) on the following areas:

• Making disclosures more effective. This is a key area of review, in particular for fair value measurements that require significant judgement (so-called “Level 3 measurements”). Although information about Level 3 measurements is important to users of financial statements, the disclosures have often been generic and too aggregated, thus reducing the usefulness of information.

• Prioritizing the use of quoted prices in an active market or the unit of account with regard to investments and cash-generating units required to be measured at fair value. The board is seeking additional information to supplement the work it did on the subject since the publication of IFRS 13.

• Applying the highest and best use concept when measuring nonfinancial assets, particularly property and biological assets, at fair value. In this area, the board is seeking to understand related issues and their pervasiveness.

• Using judgement when determining whether a market is an active market and identifying significant unobservable inputs in the fair value measurement. In this area, the board is looking to assess the challenges faced and whether further support could be helpful.