Project Update
FAS 157—Improving Disclosures about Fair Value Measurements
Last Updated: September 28, 2009 (Updated sections are indicated with an asterisk *)
The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.
Project Objective
*Due Process Documents
Decisions Reached at the Last Meeting
Summary of Decisions Reached to Date
Board/Other Public Meeting Dates
Next Steps
Background Information
Contact Information
Project Objective
The objective of this project is to improve disclosures about fair value measurements. This project may consider additional disclosures, such as (a) the sensitivity of fair value measurements to changes in assumptions and (b) transfers between the three levels of the fair value hierarchy.
*Due Process Documents
The FASB has issued a proposed Accounting Standards Update, Fair Value Measurements and Disclosures (Topic 820), Improving Disclosures about Fair Value Measurements. The proposed Update would improve Fair Value Measurements and Disclosures—Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards Codification™. The proposed Update would affect all entities that are required to make disclosures about recurring and nonrecurring fair value measurements. The comment letter deadline on the proposed Update is October 12, 2009.
Decisions Reached at the Last Meeting (August 5, 2009)
See minutes below.
Summary of Decisions Reached to Date (As of August 5, 2009)
See proposed Update
Board/Other Public Meeting Dates
The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board's deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.
| August 5, 2009 | Board Meeting—Discussion of feedback received from field study |
| May 27, 2009 | Board Meeting—Proposal to Improve Disclosures Required by FASB Statement No.157, Fair Value Measurements |
Next Steps
The Board will redeliberate on the project following completion of the comment letter period.
Background Information
At the February 18, 2009 meeting, Chairman Herz announced the addition of new FASB agenda projects intended to improve the application guidance used to determine fair values under Statement 157 and the disclosures about fair value measurements. These projects were added in response to recommendations contained in the Securities and Exchange Commission’s recent study on mark-to-market accounting, as well as input provided by the FASB’s Valuation Resource Group, and other constituents.
Contact Information
Bob Bhave
Project Manager
bbhave@fasb.org
Kristofer Anderson
Practice Fellow
keanderson@fasb.org
Adrian Mills
Practice Fellow
aemills@fasb.org