Joint SEC-FASB guidance on fair value measurements
01 Oct 2008
The US SEC's Office of the Chief Accountant and the FASB staff have 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.
Click for the Joint Press Release (PDF 25k). FASB has announced a change to the Agenda of its 1 October 2008 Meeting to consider a draft FASB Staff Position that would provide additional measurement guidance on FAS 157.
The joint press release contains answers to the following questions:
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