Project Update

FAS 157—Improving Disclosures about Fair Value Measurements

Last Updated: February 12, 2010 (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 

On January 21, 2010, the FASB completed this project with the issuance of Accounting Standards Update No. 2010-06, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements.

Accounting Standards Update 2010-06 

 

*Decisions Reached at the Last Meeting (November 11, 2009)

See minutes below.

*Summary of Decisions Reached to Date (As of November 11, 2009)

See Accounting Standards Update 2010-06.

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.

November 11, 2009 Board Meeting—Discussion of Comment Letters and Redeliberations of Proposed Accounting Standards Update
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

None.

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

Eric Jourdan
Postgraduate Technical Assistant
ejourdan@fasb.org