IFRS for SMEs Module 12 explains how small and medium-sized entities should measure and disclose fair value when another accounting requirement requires or permits its use.

In simple terms, fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly market transaction at the measurement date.

It is not a forced-sale price, a special arrangement between selected parties or management’s personal estimate. Instead, it reflects the price that knowledgeable and willing market participants would agree on under normal market conditions.

Module 12 does not determine which assets or liabilities must be measured at fair value. Other sections of the IFRS for SMEs Accounting Standard make that determination. Module 12 explains how fair value should be measured consistently and how the information should be presented in the financial statements.

Why Is Fair Value Used?

Fair value helps financial statement users, including banks, investors and other stakeholders:

• Understand current values rather than relying only on outdated historical costs;

• Compare different businesses more effectively; and

• Make better lending, investment and other economic decisions.

This is why certain assets and liabilities may be measured at fair value under IFRS for SMEs.

How Is Fair Value Measured?

Module 12 provides a structured approach. An entity should:

• Identify precisely the asset or liability being measured;

• Determine the principal market or, in its absence, the most advantageous market;

• Consider the highest and best use of a non-financial asset, where relevant;

• Select an appropriate valuation technique, such as the market, income or cost approach; and

• Maximise the use of observable market inputs wherever possible.

The objective is to reflect the assumptions that market participants would use, rather than the assumptions management would prefer to use.

The Fair Value Hierarchy

Valuation inputs are grouped into three levels according to their degree of observability and reliability:

• Quoted prices in active markets — generally the most reliable inputs;

• Other observable market data — such as prices for similar assets; and

• Unobservable inputs — including estimates, forecasts and assumptions that require greater judgement.

Entities should explain which level of input has been used and why.

What Is New in the Third Edition?

The 2025 third edition introduces Module 12 as a dedicated section on fair value measurement.

The new Module:

• Brings fair value guidance previously spread across different sections into one place;

• Provides a clearer definition of fair value; and

• Strengthens and standardises the related disclosure requirements.

This structure is intended to reduce confusion and improve the transparency and comparability of financial reporting.

Practical Guidance for Accountants

Accountants should:

• First check whether another section requires or permits fair value measurement, as Module 12 explains how to measure fair value rather than when it must be used;

• Document significant judgements and assumptions;

• Use market-based and observable inputs wherever possible;

• Exercise particular care when valuing unquoted shares and unique assets;

• Remember that engaging a valuation expert does not transfer the entity’s responsibility for compliance; and

• Prepare disclosures that are clear and understandable, rather than merely technically correct.

Fair value reflects the perspective of market participants, not management optimism.

IFRS for SMEs 第 12 模块：公允价值计量实务指南

IFRS for SMEs 第 12 模块说明中小型企业在其他会计要求规定或允许使用公允价值时，应如何进行计量及披露。

简单来说，公允价值是指在计量日，通过有秩序的市场交易出售资产时能够取得的价格，或转移负债时需要支付的价格。

公允价值不是被迫出售的价格，也不是特定双方之间的特殊交易价格，更不是管理层个人估计的数字。它反映的是在正常市场条件下，具备相关知识且愿意进行交易的市场参与者可能同意的价格。

第 12 模块并不决定哪些资产或负债必须按照公允价值计量。相关决定由 IFRS for SMEs 会计准则的其他章节作出。第 12 模块主要说明公允价值应如何一致地计量，以及相关资料应如何在财务报表中呈现。

为什么使用公允价值？

公允价值能够帮助银行、投资者及其他财务报表使用者：

• 了解资产及负债的当前价值，而不只是依赖过时的历史成本；

• 更有效地比较不同企业；以及

• 在贷款、投资及其他经济决策方面作出更好的判断。

因此，IFRS for SMEs 的某些章节可能要求或允许企业采用公允价值计量特定资产及负债。

如何计量公允价值？

第 12 模块提供了一套有系统的计量方法。企业应当：

• 明确识别需要计量的资产或负债；

• 确定主要市场，或在没有主要市场时确定最有利市场；

• 在适用情况下，考虑非金融资产的最高及最佳用途；

• 选择适当的估值方法，例如市场法、收益法或成本法；以及

• 在可行的情况下，最大限度地采用可观察的市场数据。

计量的目标，是反映市场参与者会采用的假设，而不是管理层希望采用的假设。

公允价值层级

根据估值输入数据的可观察程度及可靠性，公允价值输入可分为三个层级：

• 活跃市场的公开报价——通常属于最可靠的输入数据；

• 其他可观察的市场数据——例如类似资产的市场价格；以及

• 不可观察的输入数据——包括需要较多专业判断的估计、预测及假设。

企业应说明所采用的输入数据属于哪一个层级，以及采用该层级的原因。

第三版有什么新变化？

2025 年第三版新增第 12 模块，专门处理公允价值计量。

新模块：

• 将过去分散在不同章节的公允价值指引集中在同一模块；

• 提供更清晰的公允价值定义；以及

• 强化并统一相关披露要求。

这样的编排有助于减少理解上的混淆，并提升财务报告的透明度及可比性。

给会计人员的实务建议

会计人员应当：

• 先确认其他章节是否要求或允许采用公允价值，因为第 12 模块主要说明如何计量公允价值，而不是何时必须使用公允价值；

• 记录重大判断及假设；

• 尽可能采用以市场为基础及可观察的输入数据；

• 对非上市股份及独特资产的估值保持特别谨慎；

• 记住，即使企业聘请估值专家，企业本身仍然需要对遵守会计要求承担责任；以及

• 编制清晰易懂的披露，而不只是满足技术上的最低要求。

公允价值反映的是市场参与者的观点，而不是管理层的乐观预测。