IASB June 2008
The Board clarified the scope of the fair value measurement project in the light of the discussions at the joint IASB-FASB meeting in April 2008. The Board reaffirmed its preliminary views for the following issues, as articulated in the Fair Value Measurements discussion paper:
- attributes (characteristics) specific to an asset or liability (Issue 5)
- whether transaction costs are separate from fair value (Issue 5)
- the fair value hierarchy (Issue 8)
Although the Board reaffirmed its preliminary views on these issues, the staff will consider, in the light of comments made by respondents to the discussion paper, whether the wording in the exposure draft might need to differ from that in FASB Statement of Financial Accounting Standards No. 157 Fair Value Measurements and the IASB’s discussion paper. The Board will discuss further the other topics in the discussion paper before publishing an exposure draft