FASB to discuss delay of Fair Value

The US standard-setter will today consider delaying the implementation of
fair value.

The fair value standard, FAS 157, is due to come into effect on November 15.
It provides guidance for companies on how to provide valuations – or the price
an asset could be sold at in a current market transaction.

However, companies have voiced their disapproval of the date, saying they
need more time to address issues with implementing the standard,

Earlier this month the Financial Executives International asked the Financial
Accounting Standards Board to delay the standard by a year.

Further reading:

US firms seek extension on fair-value

Related reading

Fiona Westwood of Smith and Williamson.