BC19 The boards separately discussed the scope of their respective fair value measurement standards because of the differences between IFRSs and US GAAP in the measurement bases specified in other standards for both initial recognition and subsequent measurement.
BC20 IFRS 13 applies when another IFRS requires or permits fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements), except in the following circumstances:
(a) The measurement and disclosure requirements of IFRS 13 do not apply to the following:
(i) share‑based payment transactions within the scope of IFRS 2 Share‑based Payment;
(ii) leasing transactions within the scope of IAS 17 Leases; and
(iii) measurements that have some similarities to fair value but are not fair value, such as net realisable value in accordance with IAS 2 Inventories and value in use in accordance with IAS 36 Impairment
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