IFRS 13 and its application is well known by accounting specialists who prepare international financial statements. The purpose is to measure an asset at its fair value. In accordance with IFRS 13, there are three measurement levels in a measurement hierarchy for this purpose. And it is precisely these measurement levels that must be viewed extremely critically in their presentation and application. This paper presents the practicability of IFRS 13 in detail and attempts to critically examine this and the application of IFRS 13.
Table of contents
Picture index
1 Introduction and problem definition
2 Theoretical principles on the topic of fair value
2.1 The development of the fair value concept
2.2 Structure and Overview of IFRS
2.3 Key objectives and areas of application
2.4 Definition: Fair Value
2.5 Possible applications of the fair value approach
2.5.1 Application to non-financial assets
2.5.2 Application to liabilities and equity instruments of an enterprise
2.5.3 Application to financial assets and financial liabilities offsetting positions with respect to market or counterparty risks
3 Fair-Value-Measurement / IFRS 13-Performance
3.1 The Fair Value Hierarchy
3.2 Closer examination and presentation of the measurement hierarchy
3.3 Fair value measurement methods
3.3.1 The Approach to Fair Value Measurement
3.3.2 Valuation assumption for non-financial assets
3.3.3 Fair value on first-time recognition
3.3.4 Market Approach (market approach method / market price oriented method)
3.3.5 Income approach (income approach / capital/yield-oriented)
3.3.6 Detailed description and analysis of the income-based approach
3.3.7 Cost Approach (cost approach / cost-oriented procedure)
4 Critical analysis of fair value measurement
4.1 Critical analysis in determining fair value in general
4.1.1 Criticism about the presentation of the reference market and market participants
4.1.2 Criticism of the topic of the valuation hierarchy and its valuation procedures
4.2 Critical analysis of the problem of determining fair value based on discretionary powers and complexity
4.3 Effects of the use of discretionary powers in the application of IFRS
5 Theses summary of the results and outlook
Literaturreview
Picture index
Figure 1: Material structure of IFRS 13 at a glance
Figure 2: Fair value definition in accordance with IFRS 13 and previous IFRSs.
Figure 3: Step-by-step concept of fair value measurement.
Figure 4: Discretionary scope within the fair value hierarchy
Introduction and problem definition
Since 2001, the old IAS financial statements have been prepared in accordance with IFRS. The history of today's IFRS began in 1973 in London - where private entrepreneurs founded the so-called IASC - which was responsible for the development and publication of the international body of IAS standards. After 2001, the IASB, which was also founded privately, became responsible for this. It also acted in a non-profit and independent manner for the international accounting standards and compiles these bindingly for all international and capital market listed companies. From then on, the accounting standards were no longer referred to as IAS but as IFRS. The composition of this responsible committee consists of 14 elected experts - for 3 years - with the essential task of permanently reviewing and supplementing the interpretations of the respective IFRS standards and, if necessary, creating new standards. The IASB is supported by a 30-strong team of experts from international companies in order to centre the real focus of its work and get it off the ground.[1]
Framework Concept 4.55 sets out five different measurement standards that may be applied in IFRS financial statements:[2]
- Historical cost: these are all services that have to be provided for this situation - starting from the purchase price of the asset up to the final implementation in the company.
- Current cost: this corresponds to the amount that would have to be spent on the replacement of an identical or comparable asset at the balance sheet date.
- The realisable value is determined by the hypothetically achievable proceeds from the sale of an asset as of the balance sheet date. For liabilities, the settlement value is taken into consideration - this is the amount of the normal repayment.
- Present value: This comprises the discounted cash flows that the asset is expected to generate in the ordinary course of business. The present value of the liabilities corresponds to the present value of the cash outflows required to settle the liability in the ordinary course of business.
- Fair value: This governs the determination of fair values - this approach is very similar to the disposal value or present value. This approach is a disposal value that could be achieved with independent market parties on a current market.[3]
Prior to the financial crisis, this fair value regulation was regarded as a very modern accounting method because of its strong connection to the future - many experts were even convinced that the IASB was striving for a so-called full fair value accounting with this regulation. This development was increasingly seen as a threat, because this fair value was difficult to determine and had some
The fair value of these financial instruments has therefore led to high depreciation during the financial crisis and has further intensified the crisis. For reasons of difficult determinability, the fair value opponents are demanding a departure from this fair value measurement and a shift to the cost principle.[4]
A so-called price can be determined (read) on an active and functioning market for an asset, so this fair value determination will be easy. There is no perfect market in real economic life and therefore in almost all valuation cases no objective market price can be derived in active markets. This means that valuation methods such as the fair value provisions are used - these are subject to enormous complexity and contain possible discretionary powers and are therefore subject to strong criticism.[5]
Thus, the core of this work is to illuminate fair value valuations - i.e. different valuation methods and application cases are to be presented in order to understand this problem fundamentally and to be able to deal critically with these valuation methods as well. The following topics and objectives emerge: A well-founded presentation of IFRS 13 for practical application: A critical examination of the interpretation and application of IFRS 13. For the execution of this critical investigation the following structure and course of the work are to be explained.
First, theoretical principles are dealt with in Chapter 2 of the IFRS 13 regulation - development of fair value, definition of fair value, objective of fair value, and application of fair value are to be presented here in order to obtain a basic idea of the topic.
Chapter 3 presents the three-level valuation concept of IFRS 13 in this context. This is important for determining fair value. Possible applications should contribute to an overview of the fair value. In addition, fair value valuation methods are to be presented which shed light on the subject and make the problem comprehensible.
In Chapter 4, the critical examination of fair value measurement and valuation methods will lead to a critical appraisal of IFRS 13 - here, the complexity of the provision and the existing scope for measurement and its possible effects will also be briefly explained in order to understand, among other things, the statement that fair value was the central trigger of the financial crisis. The desired benefit of IFRS 13 should also be critically referred to.
The summary of the results with a corresponding outlook - in Chapter 5 - rounds off the work.
1 Theoretical principles on the topic of fair value
1.1 The development of the fair value concept
The concept of fair value measurement was called for in the context of the constantly growing number of IFRS standards that have emerged over the past 20 years. Many provisions have been creepingly softened and infiltrated and interpreted differently in different jurisdictions, leaving too many gaps and discretion. The IASB therefore decided to close these gaps and contradictions (IFRS 13. BC4 ff.). The comparison with US accounting also played an important role here - since the latter had adopted a fair value valuation since 2006 and thus had a lead over European accounting.[6]
At the beginning of 2006, the IASB launched an IFRS fair value project, which developed a discussion paper for this purpose.[7] In the wake of the financial market crisis, the topic of fair value was discussed more intensively in public - the strengths and weaknesses, also in relation to the financial market crisis, were specifically disclosed.[8]
In addition, politicians demanded that the scope for accounting at fair value be restricted or underpinned by stricter and more comprehensible rules.[9]
The IASB then took action. First, an amendment to IAS 39 was adopted due to overlapping regulations and then a draft standard on fair value measurement was submitted for general technical discussion. Finally, the publication of IFRS 13 was publicly announced as a resolution on May 12, 2011.[10]
1.2 Structure and Overview of IFRS 13
First of all, the broad overview of this accounting standard must be based on the fact that it contains the rules and regulations on "how to measure something at fair value".[11]
Thus, the provisions of IFRS 13 do not regulate "what is to be measured at fair value" - i.e. "what to measure". The IASB has consistently separated these subject areas for project status.[12] The contents of IFRS 13 on fair value measurement are divided into three main units:
1. definition IFRS 13
2. set of rules in detail for the evaluation
3 Disclosure requirements (IFRS 13.1)[13]
Furthermore, the IASB has presented a methodological breakdown of topics in this context. This refers to the four cornerstones that form the basis of the actual fair value measurement:
a. The valuation object to be valuated
b. The "best possible" intended use
c. The adequate, correct market for the valuation basis
d. The appropriate valuation technique, methodology and scale (IFRS 13.IN10, B2).[14]
Finally, the following formal structure of IFRS 13 and the necessary accompanying documents becomes apparent:
- IFRS 13 (Presentation of the Standard, with necessary Appendices A-D)
- IFRS 13 (Reasons for Methodology and Application (Accompanying Document, BC, with Appendix)
- IFRS 13 Examples (presented in accompanying documents, IE, with appendix).[15]
This results in the following structure of a material nature (following figure). This classification is based on IFRS 13, but slightly modified, and thus represents the main overview and structure of IFRS 13.[16]
Abbildung in dieser Leseprobe nicht enthalten
Figure 1: Material structure of IFRS 13 at a glance[17]
1.3 Key objectives and areas of application
The central objective and aspiration of IFRS 13 is to provide a uniform basis for a fair value measurement, unmistakably for each IFRS standard that requires this fair value or requires it in its fair value disclosure requirements (IFRS 13.IN2).[18]
This standard is intended to be fundamental for a valuation that determines a market-based value using the fair value approach. This fair value should be based on an actual or hypothetical transaction. A further premise is that any market participants would enter into such transactions under normal and business-willing conditions and that the market value determined thus represents the fair value (IFRS 13.2).[19] Market conditions and parameters of market changes that could change the value are to be included accordingly as observable market parameters, or estimates and assumptions are to be made that come closer to a real fact of the fair value (IFRS 13.3).[20] These objectives are to be applied as the scope of IFRS 13 in a fundamentally comprehensive and general manner for many assets in the standards. It includes fair value measurements as balance sheet values and fair values as additional and necessary disclosure requirements (IFRS 13.5, BC25). The fair value is applied in the case of initial recognition and subsequent valuations - these regulations are still to be applied to the determination of values that do not correspond to the actual fair value concept, but internalise the approach based on this fair value principle (IFRS 13.5, BC24).[21]
In this IFRS
(a) the term fair value,
(b) a framework for measuring fair value is set out in a single IFRS, and
(c) disclosures required to measure fair value.
The fair value is a market-based valuation, not a company-specific valuation. Observable market transactions or market information may be available for some assets and liabilities. For other assets and liabilities, however, observable market transactions or market information may not be available. In both cases, however, the objective in measuring fair value is the same: to estimate the price at which, under current market conditions, an orderly transaction would occur between market participants on the measurement date, in the course of which the asset would be sold or the liability transferred (i.e. from the perspective of the market participant that owns the asset or debtor of the liability, it is the disposal price at the measurement date).[22]
This fair value approach is not an observable price for an identical asset or liability, and an entity measures fair value using a different measurement technique that uses as much observable input as possible and as little unobservable input as possible. Because fair value is a market-based measurement, it is measured using assumptions that market participants would make when pricing the asset or liability. This also includes assumptions about risks. As a result, an entity's intention to hold, settle or otherwise settle an asset or liability is not relevant in measuring fair value.[23]
In the definition of fair value, the focus is on assets and liabilities because they are the primary subject of measurement in the balance sheet. In addition, this IFRS must be applied to an entity's own equity instruments measured at fair value.
This IFRS applies when another IFRS requires or permits measurement at fair value or requires disclosures about the measurement of fair value (and measurements based on fair value or disclosures about those measurements, such as fair value less costs to sell). The requirements in paragraphs 6 and 7 are excluded.[24]
The measurement and disclosure requirements in this IFRS do not apply to:
(a) share-based payment transactions within the scope of IFRS 2 Share-based Payment;
(b) lease transactions within the scope of IAS 17 Leases; and
(c) measurements that have some similarities with fair value but are not fair value, such as net realisable value in IAS 2 Inventories or value in use in IAS 36 Impairment of Assets.[25]
The disclosures required by this IFRS are not required to be provided for:
(a) plan assets measured at fair value in accordance with IAS 19 Employee Benefits;
(b) retirement benefit plan investments that are measured at fair value in accordance with IAS 26 Accounting and Reporting by Retirement Benefit Plans; and
(c) assets for which the recoverable amount is fair value less costs to sell in accordance with IAS 36.[26]
The fair value measurement framework described in this IFRS applies to both initial and subsequent measurements where fair value is required or permitted under other IFRSs.
1.4 Definition: Fair Value
Fair value was first defined in IAS 20 in 1982. The definition was almost identical to the definition introduced in the glossary of IASB standards: "Fair value - The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction".[27]
This means translated: Fair value - the amount for which an asset or liability could be exchanged between knowledgeable, willing parties in an arm's length transaction. A further possible definition with the essential core features is provided by the following presentation in IFRS on this point: "price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date [...]" (IFRS 13.9). This means translated: price that would be achieved to sell or pay an asset to transfer a liability in a company and this in an orderly transaction between the market participants on the valuation date [...] IFRS 13.9. Herewith two essential features have been highlighted - see following figure.[28]
Abbildung in dieser Leseprobe nicht enthalten
Figure 2: Fair value definition in accordance with IFRS 13 and previous IFRSs.[29]
IAS concept - the framework created in 1989 did not lead to the introduction of fair value, although it was used in certain standards. The framework introduced historical cost, current cost, recoverable amount and present value. Current costs and recoverable amount are based on current market conditions.[30] Current costs (replacement costs) push down the position of a buyer (enter price)[31] and the realisable value position of a seller (exit price).[32]
The valuation is not based on the actual market price. The fair value is not the individual market value. Fair value is not a price that can be achieved in a specific period of time - it is the price agreed between independent parties without any obligation - without constraint between participants in the market. The rational motive for such a transaction is profit for both market participants. Therefore, valuation at fair value is based on the objective of market valuation. It is not stated from which point of view (seller's or buyer's view) the valuation should be made here.[33]
Thus, it has essentially been shown that assets and liabilities are to be recognised at fair value in the balance sheet and not at amortised cost (as required by the German Commercial Code) - this is exactly the opposite of the German regulations.[34]
It should also be stressed that a fair value price/approach on a certain balance sheet date can only take place on a complete market, as individual market prices are possible here and the preferences of market participants can be taken into account. This perfect market situation does not exist in reality - there are imperfect markets with imperfect information for market participants. Thus, no fair value price/approach can be determined unambiguously. The entry price and the mentioned exit price are two characteristics on the real market. However, there is also the continued individual value in use of the companies, so that an overall approach close to the fair value can be determined. As a result, the fair value loses its uniqueness.[35]
In this IFRS, fair value is defined as the price that would be received or paid for the transfer of an asset in an orderly transaction between market participants on the measurement date.[36]
Affected asset or liability
The measurement of fair value relates to a specific asset or liability. Consequently, when measuring fair value, an entity considers the characteristics of the asset or liability that a market participant would consider when pricing the asset or liability at the measurement date. Such features include, but are not limited to, the following:[37]
(a) the condition and location of the asset; and
(b) restrictions on the sale and use of the asset.
The impact of a particular characteristic on the valuation depends on how the characteristic would be taken into account by market participants.
An asset or liability that is measured at fair value may be either
(a) a separate asset or liability (for example, a financial instrument or a non-financial asset); or
(b) a group of assets, a group of liabilities, or a group of both assets and liabilities (for example, a cash-generating unit or a company).[38]
For the purposes of recognition or disclosure, whether an asset or liability is an independent asset or liability, a group of assets or liabilities, or a group of both assets and liabilities depends on the accounting unit in question. Unless otherwise specified in this IFRS, the accounting unit of the asset or liability shall be determined in accordance with the IFRS that prescribes or permits measurement at fair value.[39]
Business transaction
When measuring the fair value, it is assumed that the exchange of the asset or liability between market participants under current market conditions takes place on the measurement date as part of an orderly business transaction with the aim of selling the asset or transferring the liability.[40]
In measuring fair value, it is assumed that the transaction in which the asset is sold or the liability is transferred is either recorded on the balance sheet or transferred to the income statement.
(a) the main market for the asset or liability; or
(b) in the most favourable market for the asset or liability, if there is no principal market.
In order to identify the main market or, in the absence of a main market, the most advantageous market, it is not necessary for the undertaking to carry out a full search of all the markets which may exist. However, it must take into account all information that is available at reasonable cost. Unless evidence to the contrary is provided, it is assumed that the market in which the enterprise would normally complete the sale of the asset or transfer of debt is the principal market or, in the absence of a principal market, the most advantageous market.[41]
If the asset or liability has a principal market, the measurement of its fair value (whether the price is observable or estimated using another valuation technique) represents the price in that market. It does not matter whether the price at the measurement date might be more advantageous in another market.
The enterprise must have access to the main market or most advantageous market at the measurement date. Since different enterprises (and businesses within those enterprises) may engage in different activities and have access to different markets, the main market or most favourable market for the same asset or liability may be different for each of those different enterprises (and businesses within those enterprises). For this reason, the analysis of the main market or most advantageous market and the respective market participants must be carried out from the perspective of the respective enterprise and thus take into account the differences between enterprises and parts of enterprises with different activities.[42]
While an entity must have access to the market, measuring fair value on the basis of price in that market does not require the entity to be able to sell the asset or transfer the liability at the measurement date.[43]
Even if there is no observable market that provides information about pricing for the sale of the asset or transfer of the liability at the measurement date, a transaction is presumed to occur on that date when measuring fair value. The perspective of the market participant acting as owner of the asset or debtor of the liability must be taken into account. This assumed transaction forms the basis for estimating the price for the sale of the asset or transfer of the liability.[44]
Market participants
An entity measures the fair value of an asset or liability based on the assumptions that market participants would make in pricing the asset or liability. It is assumed that market participants act in their best economic interests.[45]
The elaboration of these assumptions does not require a company to designate specific market participants. Instead, the enterprise shall identify general distinguishing features for market participants, taking into account factors that are typical of all the items listed below:
(a) asset or liability;
(b) the principal market or most favourable market for the asset or liability; and
(c) market participants with whom the entity would enter into a transaction in that market.
Price
The fair value is the price at which, under current market conditions, an asset would be sold or a liability transferred in an orderly transaction in the main market or most advantageous market on the measurement date, i.e. it is a disposal price. It is irrelevant whether this price is directly observable or estimated using another valuation technique.[46]
The price in the principal market or most advantageous market used to measure the fair value of the asset or liability is not adjusted for transaction costs. Transaction costs are accounted for in accordance with other IFRSs. Transaction costs are not a feature of an asset or liability. Rather, they are typical of a particular transaction and are different for that asset or liability depending on the nature of the enterprises transaction.[47]
Transaction costs do not include transport costs. If location is a characteristic of the asset (such as might be the case for goods), the price in the main market or most advantageous market should be adjusted for any costs that would be incurred in transferring the asset from its current location to the market.[48]
1.5 Possible applications of the fair value approach
1.5.1 Application to non-financial assets
Highest and best use of non-financial assets
In measuring the fair value of a non-financial asset, account is taken of the market participant's ability to generate economic benefits from the highest and best use of the asset or from its sale to another market participant that has the highest and best use of the asset.[49]
The highest and best use of a non-financial asset is considered to be a use that is physically possible, legally permissible and financially feasible, as described below:
[...]
[1] Hirschböck, G./Kerschbaum, H./Schurbohm, A. (2017), S. 2f., Vgl. Wagenhofer, A. (2015), S. 23f.
[2] Hirschböck, G./Kerschbaum, H./Schurbohm, A. (2017), S. 27f., Vgl. Petersen, K./Bansbach, F./Dornbach, E. (2018), S. 111f.
[3] IFRS 13.2.
[4] Petersen, K./Bansbach, F./Dornbach, E. (2018), S. 113.
[5] Hirschböck, G./Kerschbaum, H./Schurbohm, A. (2017), S. 28., Vgl. Wagenhofer, a. (2015), S. 23f.
[6]. Haufe (2018), S. 133f.
[7] IASB-Diskussionspapier „Fair-Value Measurements“ vom November 2006.
[8] IASB-Diskussionspapier „Fair-Value Measurements“ vom November 2006.
[9] Haufe (2018), S. 133f.
[10] Haufe (2018), S. 133f.
[11] Accounting objects, i.e. assets and liabilities or equity - this topic is presented in the following subsections.
[12] Haufe (2018), S. 133f., Vgl. Große, J.V. (2011), S. 286f., Vgl. IFRS-Foundation (2013), S. 6f.
[13] Haufe (2018), S. 133f., Vgl. Große, J.V. (2011), S. 286f., Vgl. IFRS-Foundation (2013), S. 6f.
[14] Haufe (2018), S. 133f., Vgl. Große, J.V. (2011), S. 286f., Vgl. IFRS-Foundation (2013), S. 6f.
[15] Haufe (2018), S. 133 f., Vgl. Große, J.V. (2011), S. 286f., Vgl. IFRS-Foundation (2013), S. 6f.
[16] Große, J.V. (2011), S. 287.
[17] Große, J.V. (2011), S. 287.
[18] Fischer, T. (2019), S. 118., Vgl. Deloitte & Touch (2018), S. 3f.
[19]. Fischer, T. (2019), S. 118., Vgl. S. Müller, S./Saile, P. (2018), 121f., Kramer, M. (2010), S.7., Vgl. Deloitte & Touch (2018), S. 3f.
[20] Vgl. Fischer, T. (2019), S. 118., Vgl. S. Müller, S./Saile, P. (2018), 121f., Kramer, M. (2010), S.7., Vgl. Deloitte & Touch (2018), S. 3f.
[21] Fischer, T. (2019), S. 119., Vgl. S. Müller, S./Saile, P. (2018), 121f., Kramer, M. (2010), S.7., Vgl. Deloitte & Touch (2018), S. 3f.
[22] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff.
[23] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff.
[24] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1 ff., IFRS-Foundation (2013), S. 6ff.
[25] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1 ff., IFRS-Foundation (2013), S. 6ff.
[26] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1 ff., IFRS-Foundation (2013), S. 6ff
[27] IFRS-Standards-Definitionen: Fair-Value., Vgl. EU-IFRS (2018), S. 1034., Vgl. Hirschböck, G./Kerschbaum, H./Schurbohm, A. (2017), S. 27f., Vgl. Hans-Böckler-Stiftung (2014), S. 3.
[28] Große, J.V. (2011), S. 288, Vgl. Brugger, R. (2015), S. 114f.
[29] Große, J.V. (2011), S. 287.
[30] Brugger, R. (2015), S. 114f., Vgl. Hirschböck, G./Kerschbaum, H./Schurbohm, A. (2017), S. 27f.
[31] IFRS-Standards-Definitionen: Fair-Value., EU-IFRS (2018), S. 1038f., Vgl. Deloitte & Touch (2018), S. 4.
[32] IFRS-Standards-Definitionen: Fair-Value., EU-IFRS (2018), S. 1038f., Vgl. Deloitte & Touch (2018), S. 4.
[33] Brugger, R. (2015), S. 114f., Vgl. Hirschböck, G./Kerschbaum, H./Schurbohm, A. (2017), S. 27f.
[34] Deloitte & Touch (2018), S. 4.
[35] Deloitte & Touch (2018), S. 4.
[36] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 3, IFRS-Foundation (2013), S. 6ff.
[37] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 3, IFRS-Foundation (2013), S. 6ff.
[38] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 4.ff., IFRS-Foundation (2013), S. 6ff.
[39] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 4.ff., IFRS-Foundation (2013), S. 6ff.
[40]. IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 4.ff., IFRS-Foundation (2013), S. 6ff.
[41] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff., Vgl. Küting, K./Cassel, J. (2012), S. 697-704.
[42] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff., Vgl. Küting, K./Cassel, J. (2012), S. 697-704.
[43] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff., Vgl. Küting, K./Cassel, J. (2012), S. 697-704.
[44] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff., Vgl. Küting, K./Cassel, J. (2012), S. 697-704.
[45] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff., Vgl. Küting, K./Cassel, J. (2012), S. 697-704.
[46]. IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff., Vgl. Küting, K./Cassel, J. (2012), S. 697-704.
[47] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff., Vgl. Küting, K./Cassel, J. (2012), S. 697-704.
[48] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 1, IFRS-Foundation (2013), S. 6ff., Vgl. Küting, K./Cassel, J. (2012), S. 697-704.
[49] IFRS-EU (2018), S. 1033ff., Vgl. IFRS 13-EU-Kommentar (2018), S. 4 ff., IFRS-Foundation (2013), S. 9ff., Vgl. Zülch, H. (2019), S. 630ff.
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