The Financial Accounting Standards Board will soon issue final standards on fair value measurement and the statement of comprehensive income, with delivery expected early in the second quarter, says Chairman Leslie Seidman.
The fair value measurement standard produces more significant change for International Financial Reporting Standards than for U.S. Generally Accepted Accounting Principles, says Seidman. The United States made a significant overhaul in fair value measurement when it issued Financial Accounting Statement No. 157 Fair Value Measurement in 2006. The new standard will not require any new uses of fair value but it produces some clarity and consistency in how it is measured across U.S. and international rules.
