FASB issues standards on fair value, pension plans.

• Position: Accounting & auditing news

The FASB (www.fasb.org) has issued a standard that provides enhanced guidance for using fair value to measure assets and liabilities. The standard also responds to investors' requests for expanded information about the extent to which companies measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value measurements on earnings. It applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. Fair value's use is not expanded in any new circumstances as a result of the standard. Statement of Financial Accounting Standards No. 157, Fair Value Measurements, is effective for financial statements issued for fiscal years beginning after Nov. 15, 2007, and...