The International Financial Reporting Standard IFRS13 Fair value measurement was jointly issued by the IASB and the FASB in May 2011. The standard defines fair value, establishes framework for measuring fair value and requires significant disclosures relating to fair value measurement.

Required:

a. Discuss the main principles of fair value measurement as set out in IFRS 13.

b. Describe the three-level hierarchy of inputs into valuation techniques provided for in IFRS 13.

c. Describe the valuation techniques.

d. List five disclosures required under IFRS 13.