[Illustrative Checklist] on Disclosure Requirement under Ind AS 113 | Fair Value Measurement

Ind AS 113, Fair Value Measurement, has multiple objectives including defining fair value, measuring fair value, and Fair Value Measurement. Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of fair value measurement in both cases is the same-to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions (ie an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

I. Has the entity disclosed the valuation methods and inputs used to develop measurements for assets and liabilities at fair value on a recurring or non-recurring basis in the balance sheet after initial recognition

II. Whether the effect of the measurements on profit or loss or other comprehensive income for the period disclosed for recurring fair value measurements using significant unobservable inputs

III. Whether appropriate classes of assets and liabilities are based on the nature, characteristics, and risks of the asset or liability, and the level of the fair value hierarchy within which the fair value measurement is categorized

IV. Has the entity disclosed and also consistently followed the policy for determining the transfers between levels in the fair value hierarchy that are deemed to have occurred

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