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Accounting, Valuation Leaders Collaborate on Fair Value

Tammy Whitehouse | March 11, 2014

Setting the stage for greater harmonization of valuation and accounting standards, the International Accounting Standards Board and the International Valuation Standards Council have issued a “statement of protocols” to cooperate on fair value rules.

The agreement is intended to ensure the groups cooperate on fair value issues, with each board remaining autonomous, to work toward consistent measurement of fair value as it is used under International Financial Reporting Standards. Those reporting under IFRS recently implemented IFRS 13 Fair Value Measurement, which established principles for measuring fair value where it is required in IFRS. The IVSC has its own standards and guidance on fair value and other valuation measurement, and it facilitates cooperation among its member organizations to steer toward consistent application.

The joint statement of...

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