FASB's VRG discusses six fair value issues
26 Feb 2008
The US Financial Accounting Standards Board established a Valuation Resource Group (VRG) to provide the FASB staff with information about implementation issues regarding fair value measurements used in financial reporting.
The VRG met on 1 February 2008 and discussed six valuation issues. Deloitte & Touche LLP (United States) has published the 20 February 2008 edition of the Heads Up Newsletter (PDF 117k) explaining the six issues, which are:
- VRG Issue 2008-1: Accounting for an Asset That the Acquirer Does Not Intend to Use or Intends to Use in a Way Other Than Its Highest and Best Use
- VRG Issue 2008-2: Customer Relationships
- VRG Issue 2008-3: Valuation of Intangible Assets Using the 'Current Replacement Cost' Method
- VRG Issue 2008-4: Meaning of 'Legally Permissible' in Assessing the Highest and Best Use
- VRG Issue 2008-5: Fair Value of Inventory
- VRG Issue 2008-6: Allocation of Portfolio-based Credit Adjustments for Hedge Effectiveness Testing