Fair Value Measurement
Where are we in the project?
On 30 June the project team introduced the ED on Fair Value Measurement in a live web presentation that was followed by a question and answer session. For the convenience of our constituents in all time zones there was a morning and an afternoon session.
Download a pdf version of the presentation
Listen to a recording of the web presentation inclusive of the question and answer session:
Morning session – available in due course
Afternoon session – available in due course
The Exposure draft was published on 28 May 2009. The exposure draft is open for public comment until 28 September 2009.
Click here to view the exposure draft or submit a comment letter.
Read the press release announcing the publication of the exposure draft.
Round-table meetings
The Board plans to hold round-table discussions with interested parties during the fourth quarter of 2009. The dates and locations of the meetings will be published at a future date.
Estimated project completion
The current project plan is to publish a final IFRS on fair value measurement guidance in 2010.
Project objectives
Guidance on measuring fair value is dispersed across many IFRSs and it is not always consistent. Furthermore, the current guidance is incomplete, in that it provides neither a clear measurement objective nor a robust measurement framework. The Board believes that this adds unnecessary complexity to IFRSs and contributes to diversity in practice.
The Board’s objectives in the fair value measurement project are:
(a) to establish a single source of guidance for all fair value measurements;
(b) to clarify the definition of fair value and related guidance;
(c) to enhance disclosures about fair value; and
(d) increase convergence between IFRS and US GAAP.
Is this project part of the Memorandum of Understanding?
Yes, this project forms part of the Memorandum of Understanding between the IASB and the US Financial Accounting Standards Board (FASB)which sets out a Roadmap of Convergence between IFRSs and US GAAP 2006-2008.
The exposure draft is largely consistent with the US Standard SFAS 157, including related guidance published by the FASB and is consistent with the report published by the IASB’s Expert Advisory Panel on measuring fair value in inactive markets.
Outreach activities
IASB members, technical staff and directors are available to speak either at an event on this project or regarding other IASB activities.
Further information on speaking engagements is available here. Alternatively, contact Michael Wells (on 44 (0)20 7246 6438 or email mwells@iasb.org).
View forthcoming Board member speaking engagements here.