Now if I was a listed company that did your transaction, what is...

Now if I was a listed company that did your transaction, what is its fair value at the end of the financial year? If it has dropped in value I am required to record it at fair value and write the balance off. In this instance the company new the value of the transaction at year end but kicked it down the road another 12 months prior to writing it off.

What is the outcome if the accounting standard used is this instant AASB 3, is in conflict to AASB 13 fair value? That is the answer I am after. Does IAS1 take over?

IAS 1 "Presentation of Financial Statements requires financial statements to present fairly the financial position, financial performance and cash flows of an entity. It makes a general statement that fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets"

Or should the timeline of the transaction be followed?

The transaction as recorded in the financials for 2021 should have been recorded dated 28th May 2021. This would comply with AASB 3. "required to be valued on the deemed acquisition date". Now lets move on down the track to 30th June 2021. This entry from the 28th May 2021 now requires under AASB 13 to be valued at fair value. Does the company know what the fair value is, yes.

Now take another view - If this was put to a judge what would they see? Pretty sure the pub test prevails.....