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Fair value measurement

Background

This project is part of the Memorandum of Understanding (MoU) between the IASB and FASB.

The objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs.

 

Current status of the project

The IASB issued IFRS 13 Fair Value Measurement on 12 May 2011.

The IASB and FASB are currently considering the development of educational material relating to fair value measurements.

 

Project milestones

DateDevelopmentComments
September 2005 Added to the active agenda
15 September 2006 FASB issues SFAS 157 Fair Value Measurements
30 November 2006 Discussion Paper Fair Value Measurements published (in two parts) Comment deadline 2 April 2007, extended to 4 May 2007
June 2008 IASB forms Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets
31 October 2008 IASB publishes Report of its Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets
28 May 2009 Exposure Draft ED/2009/5 Fair Value Measurement published Comment deadline 28 September 2009
16 December 2009 IASB requests examples and case studies from emerging and transition economies Deadline 31 January 2010
29 June 2010 Exposure Draft ED/2010/7 Measurement Uncertainty Analysis Disclosure for Fair Value Measurements published Comment deadline 7 September 2010
28 July 2010 Questionnaire for financial statement users on Exposure Draft ED/2010/7
19 August 2010 Staff Draft of IFRS on Fair Value Measurement published
12 May 2011 IFRS 13 Fair Value Measurements published Effective for annual periods beginning on or after 1 January 2013
19 October 2012 Educational guidance draft Measuring the fair value of unquoted equity instruments within the scope of IFRS 9 Financial Instruments published Comment not formally sought, draft made available until the end of November 2012
20 December 2012 Educational guidance first chapter Measuring the fair value of unquoted equity instruments within the scope of IFRS 9 Financial Instruments published  

Related Discussions

  • Fair value measurement

  • Oct 19, 2011

  • The IASB and FASB discussed the development of educational material relating to fair value measurements.

  • Fair value measurement

  • Mar 15, 2011

  • The IASB and FASB discussed the effective date and transition requirements for their forthcoming standards on fair value measurements.

  • Fair value measurement

  • Dec 17, 2010

  • The IASB and FASB discussed IAS 19 plan assets measured at fair value, measuring the fair value of a liability issued with an inseparable third-party credit enhancement and disclosures about fair values with modifications (such as fair value less costs to sell).

  • Fair value measurement

  • Dec 14, 2010

  • The IASB and FASB discussed (1) whether the proposed disclosure requirements would also apply to those fair value measurements when fair value is adjusted as part of the measurement attribute (e.g., fair value less cost to sell) (2) fair value measurement of a liability issued with an inseparable third-party guarantee

  • Fair value measurement

  • Nov 18, 2010

  • The IASB and FASB discussed (1) measuring the fair value of an entity's own equity instruments (2) premiums and discounts in a fair value measurement (3) the measurement uncertainty analysis disclosure (4) measuring the fair value of a group of financial assets and liabilities.

  • Fair value measurement guidance

  • Oct 21, 2010

  • The IASB and FASB began their redeliberations on the pending fair value measurement standard based on feedback received to the IASB's exposure draft on measurement uncertainty and the FASB's proposed ASU.

  • Fair value measurement guidance

  • Sep 15, 2010

  • The staffs of both the IASB and FASB presented to the two Boards the results of comments received from the IASB's exposure draft on the sensitivity analysis disclosures and the FASB's proposed Accounting Standards Update amending certain measurement guidance and disclosure requirements as a result of the joint deliberations with the IASB.

  • Fair Value Measurement

  • Mar 24, 2010

  • The Boards discussed the direction of the sensitivity analysis for Level 3 fair value measurement.

  • Fair Value Measurement

  • Mar 22, 2010

  • The Boards discussed the disclosure requirements of a converged fair value measurement Standard.

  • Fair Value Measurement

  • Mar 18, 2010

  • The Board discussed whether an IFRS on fair value measurement should exclude IFRIC 13 Customer Loyalty Programmes from its scope.

  • Fair Value Measurement

  • Mar 17, 2010

  • The Board discussed the scope considerations regarding IFRS 2, IAS 17, and other scoping considerations.

  • Fair value measurement

  • Mar 11, 2010

  • The IASB and FASB discussed the measurement of fair value of financial instruments within a portfolio.

  • Fair Value Measurement

  • Mar 03, 2010

  • The boards discussed the nature and content of the planned educational guidance for measuring the fair value of difficult-to-value assets and liabilities.

  • Fair Value Measurement

  • Feb 19, 2010

  • The Board discussed the measuring of fair value in alternative investments.

  • Fair Value Measurement

  • Feb 16, 2010

  • The Boards continued their discussions on fair value measurements in accordance with the project plan presented at the December 2009 joint meeting.

  • Fair Value Measurement

  • Jan 18, 2010

  • The IASB and the FASB discussed several issues connected with their efforts to issue converged fair value measurement guidance based on ASC Topic 820 and the IASB's exposure draft Fair Value Measurement.

  • Fair Value Measurement

  • Oct 28, 2009

  • The Board discussed different approaches under fair value measurement which could possibly result in different fair value conclusions if following IFRSs versus US GAAP.

  • Fair Value Measurement

  • Oct 20, 2009

  • The staff presented a summary analysis of comment letters received in response to the IASB's Invitation to Comment and Exposure Draft of a proposed IFRS Fair Value Measurement.

  • Fair Value Measurements

  • Apr 22, 2009

  • The Board discussed fair value disclosure in interim financial statements, whether FSP 157-4's disclosures should be required for major categories of assets and liabilities, and reference market.

  • Fair Value Measurement

  • Mar 24, 2009

  • The staff reviewed with the boards the decisions reached by the IASB in the development of their fair value measurement exposure draft that differ from those reached by the FASB in FAS 157.

  • Financial Instruments Update

  • Mar 17, 2009

  • The objective of this session was to update Board members on recent developments in financial instruments accounting under US GAAP.

  • Fair Value Measurement

  • Feb 19, 2009

  • The Board discussed fair value of liabilities and day one gains or losses.