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Comment deadline – IASB request for views

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16 Apr 2009

We remind you that comments are due on 20 April 2009 on the IASB's Request for Views on Proposed FASB Amendments on Fair Value Measurement and Impairment Requirements.

On 19 March 2009, the IASB requested views on what were, then, two proposed FASB Staff Positions. The FASB has since adopted the two proposals as final FSPs, along with a third related FSP dealing with disclosures, as follows:
  • FSP FAS 157-4, which provides guidance on determining fair value when market activity has decreased
  • FSP FAS 115-2 and FAS 124-2, which addresses other-than-temporary impairments for debt securities
  • FSP FAS 107-1 and APB 28-1, which discusses fair value disclosures for financial instruments in interim periods
See the IAS Plus News Story of 14 April 2009 for more information. Also, Deloitte United States has published a Heads Up Newsletter (PDF 141k) titled FASB Issues Guidance on Measuring Fair Value When Market Activity Declines, Other-Than-Temporary Impairments, and Interim Fair Value Disclosures discussing the three FSPs. Further, on 7 April 2009 the IASB issued a Statement saying:

'Initial reports regarding new or additional divergences between IFRSs and US GAAP being created by these FSPs appear to be overstated. A preliminary review of the FASB's decisions by IASB staff indicates that FASB's objectives and approach on the application of fair value when a market is not active appear to be broadly similar to those in IFRSs.'

 

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