Discussion Paper on Fair Value Measurement
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In November 2006 the International Accounting Standards Board (IASB) published for public comment a discussion paper setting out its preliminary views on providing consistency in the measurement of fair value when existing International Financial Reporting Standards (IFRSs) require or permit its use.
Introducing the discussion paper, Sir David Tweedie, IASB Chairman, said: |
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The use of fair value in financial reporting is of great interest to preparers, auditors, users and regulators. We believe that an essential ground-clearing step in the debate is to establish a clear international definition of fair value and a consistent framework for measuring it. This discussion paper is not about expanding the use of fair value in financial reporting, but about how to codify, clarify and simplify the guidance that is at present dispersed widely in IFRSs. We are therefore keen to receive views on the ideas set out in the paper.
The Board received 136 comment letters in response to the invitation to comment accompanying the discussion paper.
The comments received on the discussion paper will aid the Board in developing an exposure draft of an IFRS on fair value measurement guidance, which it plans to publish in 2009.