BC231 During the development of IFRS 13, the IASB received information from entities in emerging and transition economies that had concerns about applying the fair value measurement principles in IFRS 13 in their jurisdictions. Common concerns included the following:
(a) The fair value measurement guidance is not detailed enough to allow them to measure fair value on a consistent basis.
(b) There is limited availability of practitioners in their jurisdictions who have the skills to apply the guidance (and as a result entities might be unfamiliar with applying the necessary judgements).
(c) There is limited access to market data to develop fair value measurements because there are few deep and liquid markets, there are often few willing buyers and sellers and prices often fluctuate considerably within short periods of time.
(d) Models, inputs and assumptions may be new and may not be comparable across entities because of rapidly developing socio‑economic changes.
(e) Measuring fair va
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