The Board made the following tentative decisions:

Fair value disclosure in interim financial statements

• Financial instruments measured at fair value

The fair value disclosures in the IFRS Fair Value Measurement should be required for financial instruments in both interim and annual periods.

• Financial instruments not measured at fair value

The fair value disclosures in paragraphs 25 and 27 of IFRS 7 are required for financial instruments in interim periods in IAS 34.

• Non-financial assets and liabilities measured at fair value

No specific fair value disclosure requirements should be introduced for interim periods for non-financial assets and liabilities measured at fair value.

• Non-financial assets and liabilities not measured at fair value

No specific fair value disclosure requirements should be introduced for interim periods for non-financial assets and liabilities not measured at fair value.

• Timing of the amendments to require specific interim disclosures for fair value

The proposed specific fair value disclosures for interim periods should be introduced in the ED on Fair Value measurements. These requirements should not be introduced more rapidly.

Whether FSP 157-4's disclosures should be required for major categories of assets and liabilities

FSP 157-4 refers to 'major categories' of assets and liabilities. In incorporating the requirements of the FSP into the forthcoming ED on fair value measurement, the IASB will refer to 'each class' of assets and liabilities, which is consistent with IFRS usage.

Reference market

The Board agreed that the most advantageous market is presumed to be the market in which the reporting entity would normally enter into a transaction for the asset or liability. In the absence of evidence to the contrary, an entity may assume that the principal market for the asset or liability is the most advantageous market, provided that the entity could sell the asset or transfer the liability in the principal market.