Facilitated and stimulated transfer of knowledge, primarily due to digital technology and globalization, enabled subjects in the economy to actively use it in order to achieve success in business. The company's portfolio becomes enriched with resources or assets whose main substantial element is knowledge. However, knowledge is not easy to track and include in business books. Due to the fact that it cannot be seen or touched, additional efforts have been made by researchers to develop a quality accounting methodology. In addition to the fact that in the context of accounting, knowledge is qualified as an intangible asset, the methodology of financial accounting has been improved, and various models of its measurement have been offered in the literature. In particular, the VAIC model for measuring the efficiency of using intangible assets stands out in the literature.

The transition from industrial to information society has led to a change in the basis of companies' further growth and development. Intangible assets are becoming the most important source of social and economic development. They are the same time the strongest weapon in companies' fight for competitive advantage. Quality management of intangible assets is the key for creating the modern company value and investment in intangible assets has become the key measure of company performance. Treatment of intangible assets and their accounting treatment occupy the attention of a great number of scholars. International Financial Reporting Standard 13 - Fair Value Measurement gives the definition of fair value, pointing to the need for disclosure of the value thus determined. The challenges companies face when applying IFRS 13 may lead to its inconsistent application and unplanned costs. The aim of this paper is to consider measuring the fair value of intangible assets by applying IFRS 13, as well as its effects in practice.