Three FASB Staff Positions on fair value
03 Apr 2009
Yesterday, the US Financial Accounting Standards Board approved three FASB Staff Positions (FSPs) to clarify fair value accounting for financial instruments, particularly in distressed markets.
The Board had received 600 comment letters on three proposed FSPs. The letters presented mixed messages from investors, individuals, preparers, regulatory bodies, business associations, and auditors regarding the proposed FSPs. An extensive discussion took place before consensuses were reached by FASB to draft and issue final standards:
The final FSPs are expected to be issued late next week, effective for interim and annual periods ending after 15 June 15 2009. Early adoption would be permitted with restrictions. Deloitte (United States) has published a 'Breaking News' Heads Up Newsletter (PDF 150k). The IASB has invited comments on the proposed versions of the first two of the above FSPs (see the IAS Plus News Story of 21 March 2009. We have lots of related news on our Credit Crunch Page.
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