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Fair Value Measurement - Determining whether a market is not active and a transaction is distressed

Date recorded:

The Board noted that the FASB had issued a proposal in the form of Proposed FSP FAS 157-e Determining Whether a Market is Not Active and a Transaction is Not Distressed on Tuesday 17 March 2009. The IASB staff is currently preparing a pre-ballot of an exposure draft (ED) on fair value measurement. The proposals in the ED differ from those in the proposed FSP. The Board discussed what, if anything, they should do-given that they were unlikely to be able to have any meaningful discussion of the proposed FSP so as not to delay the issue of the ED.

The Board agreed not to amend the ED, but to refer to the FASB's proposals in the Invitation to Comment. The IASB has already asked its Expert Advisory Panel and other interested parties to comment on possible actions that the IASB should take in response to the FASB's actions, and the Invitation to Comment should also refer to these activities.

The staff expects that the ED will be issued in mid- to late April 2009, for a comment period of 120 days.

The staff also noted that they now intend to schedule roundtable discussions after the comment period closes rather than during the comment period, as had previously been stated. The Board agreed.

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