IASB statement on joint SEC-FASB fair value guidance
04 Oct 2008
In our News Story of 1 October 2008, we reported that the US SEC's Office of the Chief Accountant and the FASB staff jointly issued a press release containing questions and answers aimed at clarifying fair value measurement practices in the current environment.
They issued this guidance pending the completion by FASB of additional interpretative guidance about the requirements of FASB Statement No. 157 Fair Value Measurements in illiquid markets. The news story has a link to the SEC-FASB release. The IASB has issued a Press Release (PDF 99k) stating that its staff has reviewed the SEC-FASB release and considers it consistent with IAS 39 Financial Instruments: Recognition and Measurement.
