Explain when (if at all) the asset or liability would require subsequent measurement at fair value. Cite the supporting Codification paragraph(s). Do not include excerpts from the Codification. Additionally. if fair value measurement is subsequently required or allowed, explain the likely level of the fair value hierarchy (Level 1, 2, or 3) to be used and the valuation technique (market, cost, or income) that would most likely apply.

At fiscal year-end, a company has an equity investment that gives the company significant influence over the investee, but not control over the investee.

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14-11-2022
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Explain when (if at all) the asset or liability would require subsequent measurement at fair value. Cite the supporting Codification paragraph(s). Do not include excerpts from the Codification. Additionally. if fair value measurement is subsequently required or allowed, explain the likely level of the fair value hierarchy (Level 1, 2, or 3) to be used and the valuation technique (market, cost, or income) that would most likely apply.

At fiscal year-end, a company has an equity investment that gives the company significant influence over the investee, but not control over the investee.

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contexto1028 contexto1028 · Answer 1 · 2022-11-19T10:46:16+01:00

As per IFRS 13, subsequent fair value measurement is required of those assets and/or liabilities that are subjected to being carried forward at fair value. For example, in case a fixed asset is measured using the revaluation model, the asset will have to be measured at fair value and subsequently the initial recognition.

Few examples of when subsequent fair value measurement is done:

Financial Intruments are measured at fair value through OCI or through profit or loss.

Property, plant, and equipment were measured using the revaluation model.

Investment properties are measured using a fair value model.

There are three levels that are used for fair value measurement.

Level 1 - Quoted price for an identical asset in the active market.

Level 2 - Quoted price for a similar asset in the active market or unquoted price of the identical asset in the passive market

Level 3 - Best estimate or significant unobservable inputs e.g. discounted cash flows

Codification helps to discourage the municipal legislative body from enacting redundant or inconsistent new ordinances, and shall we the council or board view the frame of law as an entire and notice any gaps in insurance which may need regulation. the first everlasting system of codified laws might be observed in imperial China, with the compilation of the Tang Code in advert 624. The codification is prepared in a tiered shape.

This code system wonderful the 2 gadgets separately through the items of comparable names. Codification enables the organization to bring buying commands without difficulty and quickly and divide the shopping department into commodity sections each engaged within the buying of a selected range of shops. The linguistic term codification refers to the strategies by using which a language is standardized. these techniques encompass the advent and use of dictionaries, fashion and utilization courses, conventional grammar textbooks, etc

To learn more about Codification visit here:

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