The International Accounting Standards Board (IASB) notes the recent clarification made by the Office of the Chief Accountant of the US Securities and Exchange Commission (SEC) and the staff of the Financial Accounting Standards Board (FASB).

The clarification is not an amendment of FAS 157 Fair Value Measurements, but rather provides additional guidance for determining fair value in inactive markets.

 The IASB staff has reviewed the clarification by the SEC staff and the FASB staff and considers it consistent with IAS 39 Financial Instruments: Recognition and Measurement. (See http://www.sec.gov/news/press/2008/2008-234.htm) for the clarification made by the Office of the Chief Accountant of the US SEC and the FASB staff.)