IASB October 2007

There were two sessions at the October IASB meeting at which fair value measurement was discussed. In the first session, the Board discussed the comment letters received on the discussion paper Fair Value Measurements. The Board tentatively confirmed the project’s objective to develop principles and measurement guidance for fair value measurements in IFRSs. The Board confirmed its plan to complete a standard-by-standard review of fair value measurements currently required or permitted in IFRSs to assess whether each standard’s measurement basis was intended to be an exit price. For situations in which the measurement basis was not intended to be an exit price, the Board plans to assess whether it should develop additional measurement guidance.

The Board had expected to publish an exposure draft in early 2008. Because of the extension of the comment letter deadline and the volume and nature of

the comments received, the Board now expects to publish an exposure draft in the second half of 2009.

At the second session the Board held an education session with representatives from the valuation profession about fair value measurements for assets and liabilities. No decisions were made.