FASB votes against blanket deferral of statement on fair value measurements; issues preliminary views on financial instruments.
The Financial Accounting Standards Board has reaffirmed its vote against a blanket deferral of Statement 157, Fair Value Measurements. For fiscal years beginning after Nov. 15, 2007, companies will be required to implement the standard for financial assets and liabilities, as well as for any other assets and liabilities carried at fair value on a recurring basis in financial statements. As a result, Statement 157 becomes effective as originally scheduled in accounting for the financial assets and liabilities of financial institutions.
The board did, however, provide a one-year deferral for the implementation of Statement 157 for other non-financial assets and liabilities. An exposure draft soon will be issued for comment on this partial deferral. For more information, visit www.fasb.org.
In another action, the FASB issued its Preliminary Views, Financial Instruments with Characteristics of Equity (visit www.fasb.org), to obtain feedback on the board's proposal to simplify and...
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