The proposals would replace fair value measurement guidance with a single, unified definition of fair value, as well as further authoritative guidance on the application of fair value measurement in inactive markets.
The IASB published for public comment an exposure draft of draft guidance on fair value measurement. The proposed guidance deals with how fair value should be measured where it is required by existing standards. It does not extend its use in any way.
If adopted, the proposals would replace fair value measurement guidance contained in individual International Financial Reporting Standards (IFRSs) with a single, unified definition of fair value, as well as further authoritative guidance on the application of fair value measurement in inactive markets.
The IASB’s starting point in developing the exposure draft was the equivalent US standard, SFAS 157 Fair Value Measurements as amended. The proposed definition of fair value is identical to the definition in SFAS 157 and the supporting guidance is largely consistent with US GAAP.
Deadline for consultation is 28 September 2009.
Basis for Conclusions Exposure Draft Fair Value Measurement
Illustrative Examples Exposure Draft Fair Value Measurement
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