Friday, September 26, 2008

The fair value game

Or is it a nightmare?

Breaking News

The FASB announced this morning that its webcast scheduled for Monday has been postponed. Here is the text of the e-mail alert from the FASB:

The Financial Accounting Standards Board (FASB) will postpone its September 29, 2008, webcast on fair value measurements. In light of recent events in the financial markets, and the legislation under consideration by the Administration and Congress, the FASB plans to redesign the webcast to provide real-time insights about the role of accounting standards in providing transparency to investors. Postponing the webcast will give auditors, preparers, users of financial statements, and regulators an opportunity to consider the application of FASB Statement No. 157, Fair Value Measurements, and other applicable generally accepted accounting principles (GAAP) to financial reporting issues that may arise from the pending legislation and recent market conditions. The FASB plans to reschedule its webcast on fair value measurements within the next few weeks.

As I noted last week the IASB is working on the issue of fair values in illiquid markets and has issued a draft document for comment. Comments are due by October 3.

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