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FASB fair value measurement standard nears completion

  • FASB (old) Image

28 Aug 2006

At its meeting on 16 August 2006, the US Financial Accounting Standards Board authorised its staff to prepare a final draft of a Statement on Fair Value Measurements for vote by written ballot.

The FASB plans to issue the Statement in September 2006. That Statement will form the basis of the next step of the IASB's project to develop fair value measurement guidance. The IASB plans to issue a discussion paper in the fourth quarter of 2006 that would:
  • indicate the IASB's preliminary views of the provisions of the FASB's Statement on Fair Value Measurements and
  • identify differences between the FASB Statement and fair value measurement guidance in existing IFRSs.
The IASB will invite respondents to comment on the provisions of the FASB's statement on fair value measurements and on the IASB's preliminary views about FASB's Statement. Those comments would be considered in conjunction with the development of an IASB exposure draft on fair value measurements.

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