No deferral for FAS 157 and 159 fair value standards

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18 Oct 2007

The US Financial Accounting Standards Board decided not to do a wholesale deferral of the effective dates of FASB Statement 157 Fair Value Measurements and FASB Statement 159 The Fair Value Option for Financial Assets and Financial Liabilities.

The Statements are effective for fiscal years beginning after 15 November 2007. The FASB had received requests for deferral from a number of constituents as a result of the increasing number of implementation issues identified in practice. The Board instructed the FASB staff to evaluate other deferral alternatives, which could include deferring for certain assets and liabilities or certain entities. These alternatives will be discussed at a future Board meeting. The Board also discussed plans to address implementation issues. Specifically mentioned was whether plan sponsors should be required to provide Statement 157 disclosures for their pension and other postretirement employee benefit plan assets. While the Board did not formally vote on the issue, the Board noted that it does not believe such disclosures should be required by Statement 157 and plans to address this issue (with other implementation issues) at a future Board meeting.


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