Two excerpts from the draft report:

Measurement: In inactive markets, entities measure the fair value of financial instruments by considering all relevant market information that is available. A thorough understanding of the instrument subject to valuation is necessary in order to identify relevant available information. Information to be considered includes prices from recent transactions in the same or similar instruments, quotes from brokers and pricing services, indices and other inputs to model-based valuation techniques. Entities use this information to measure fair value by assessing the available information and applying it as appropriate.

Disclosure: It is important that entities help users of financial statements understand the techniques used and the judgements made in measuring fair value (although it is not the purpose of the disclosure to allow recalculation of fair values). Providing enhanced and detailed disclosures about the fair value of instruments that are of particular interest to users helps entities meet that objective. The instruments of particular interest will change over time as market conditions change and are likely to include those that are the focus of internal management reporting and are receiving external market interest.