As the Financial Accounting Standards Board churns away on revisions to its proposed standard on fair value measurement, the Board decided it will not expose its latest revisions for a new round of public comment but instead defer the intended effective date into 2008.
FASB acknowledged its has heard several requests to re-expose the standard for further comment because of significant changes the Board has made since initial exposure in June 2004 and again in November 2005, but said it feels confident the work has been given due process, according to a report by the Financial Executives International. The Board said it remains open to comment as it continues to deliberate, and will expose its final work for a “fatal flaw” review. It is targeting June 2006 to finish the standard.
