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FAF issues post-implementation review report on Statement 157

  • FAF (US Financial Accounting Foundation)  Image

Feb 26, 2014

The Financial Accounting Foundation (FAF) has issued its post-implementation review (PIR) report on FASB Statement No. 157, “Fair Value Measurements” (codified in ASC 820). The report concludes that Statement 157 “adequately resolved all of the issues underlying its stated need” and that some stakeholders indicated that its implementation costs were “significant.” It also recommends that the FASB continue its efforts to summarize and clearly document its cost-benefit considerations and broaden its outreach activities.

The PIR’s objectives were to (1) determine whether Statement 157 is accomplishing its stated purpose, (2) evaluate Statement 157’s implementation and continuing compliance costs and related benefits, and (3) recommend ways to improve the FASB’s standard-setting process.

For more information, see the press release and PIR report on the FAF’s Web site.

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