IASB Seeks Input on Proposed FASB Guidance on Fair Value Measurement and Impairments of Financial Instruments
The International Accounting Standards Board (IASB) has announced its intention to seek views from interested parties on proposals from the US Financial Accounting Standards Board (US FASB) that deal with guidance on fair value measurement and impairments of financial instruments.
The proposed guidance on fair value measurement will also be referred to an Expert Advisory Panel established by the IASB in 2008 to consider fair value measurement in inactive markets. Educational guidance resulting from panel meetings was previously issued by the IASB in October 2008.
Feedback from interested parties and the panel will be considered by the IASB before deciding whether to publish formal proposals for public comment. A request for views will be published on the IASB website later this week.
Both of FASB’s proposals are in the form of draft Staff Positions (FSPs) and are intended to provide additional application guidance. The FASB has set a 15-day comment period, which will end on 1 April 2009.