FASB issues FSPs on fair value and impairments

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14 Apr 2009

The US Financial Accounting Standards Board has issued three final FASB Staff Positions (FSPs) intended to provide additional application guidance and enhance disclosures regarding fair value measurements and impairments of financial assets:

  • FSP FAS 157-4 Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly provides guidelines for making fair value measurements more consistent with the principles presented in FASB Statement No. 157 Fair Value Measurements.
  • FSP FAS 107-1 and APB 28-1 Interim Disclosures about Fair Value of Financial Instruments enhances consistency in financial reporting by increasing the frequency of fair value disclosures.
  • FSP FAS 115-2 and FAS 124-2 Recognition and Presentation of Other-Than-Temporary Impairments provides additional guidance designed to create greater clarity and consistency in accounting for and presenting impairment losses on securities.
The FSPs are effective for interim and annual periods ending after 15 June 2009, with limited earlier application permitted. The IASB has solicited views on the FSPs in their draft form – comments due 20 April 2009. Click for:


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