FASB Fair Value Measurements

FASB: Fair Value Measurements

Project Updates

Fair Value Measurements

Last Updated: August 18, 2006 (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.

Background Information
*Decisions Reached at the Last Meeting
*Immediate Plans
Board Meetings/Other Public Meeting Dates
Related FASB Articles
Contact Information

BACKGROUND INFORMATION

In many accounting pronouncements, the Board has concluded that fair value information is relevant and users of financial statements generally have agreed. Others, however, have expressed concerns about the ability to apply the fair value measurement objective in GAAP, more recently, in response to the FASB Proposal, Principles-Based Approach to U.S. Standard Setting. The Board believes that, in part, those concerns result because there is limited guidance for applying the fair value objective in GAAP. The guidance that currently exists has evolved piecemeal over time. That guidance is dispersed among the many pronouncements that require fair value measurements, and differences in that guidance have created inconsistencies that have added to the complexity in GAAP. In June 2003, the Board added a separate fair value measurement project to its agenda to address those concerns. In June 2004, the Board issued an Exposure Draft of a proposed Statement, Fair Value Measurements. The comment period ended on September 7, 2004.

*Decisions Reached at the Last Meeting

The Board discussed the timing of a final Statement on fair value measurements. The Board authorized the staff to proceed to a revised ballot draft of the Statement. The Board plans to issue the Statement in September 2006.

*IMMEDIATE PLANS

The Board discussed the timing of a final Statement on fair value measurements. The Board authorized the staff to proceed to a revised ballot draft of the Statement. The Board plans to issue the Statement in September 2006.

BOARD MEETING/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 Statement or Interpretation.

The following provides links to the minutes for Fair Value Measurement and other related public Board meetings. Minutes for meetings generally are posted within two weeks following the meeting.

May 28, 2006 Fair Value Measurement—External reviewer comments on final draft
May 3, 2006 Fair Value Measurement—Minimum reliability threshold, expanded fair value disclosures, and transition
March 15, 2006 Fair Value Measurement—Clarification of October 21, 2005, FVM Working Draft, Timing of a final Statement
January 25, 2006 Fair Value Measurement—Discussion of external reviewer comments related to the fair value hierarchy, disclosures, and effective date and transition
September 14, 2005 Fair Value Measurement—Restricted Securities, Disclosures, Effective Date, Transition, and Timing
June 29, 2005 Fair Value Measurement—Definition, Transaction Price Presumption, and Hierarchy
June 1, 2005 Fair Value Measurement—Disclosure, Blocks
April 27, 2005 Fair Value Measurement—Disclosure, Block and Scope
March 2, 2005 Fair Value Measurement—Definition of fair value and its application to liabilities and related issues
December 15, 2004 Fair Value Measurement—Fair Value Hierarchy
November 30, 2004 Fair Value Measurement—Redeliberations: Valuation Premise and Techniques
November 10, 2004 Fair Value Measurement—Redeliberations: Comment letter summary, Fair Value Definition
September 23, 2004 FASAC Meeting Handout
September 21, 2004 Fair Value Measurement—Roundtable Discussion (a.m. session)
September 21, 2004 Fair Value Measurement—Roundtable Discussion (p.m. session)
May 19, 2004 Fair Value Measurement—External Reviewer Comments
March 24, 2004 Fair Value Measurement—Remaining issues and authorization to proceed to preballot
February 25, 2004 Fair Value Measurement—Issues related to the issuance of an Exposure Draft of the proposed FVM Statement
December 17, 2003 Fair Value Measurement—Fair value hierarchy, practicability exceptions, and disclosures
December 3, 2003 Fair Value Measurement—Phase 1 scope and codification issues; fair value disclosures
November 19, 2003 Fair Value Measurement—Scope and codification issues (Phase 1)
August 27, 2003 Fair Value Measurement—CON 7 guidance
August 20, 2003 Fair Value Measurement—Phase I scope exclusions
July 16, 2003 Fair Value Measurement—Scope issues
July 9, 2003 Financial Instruments: Disclosure about Fair Value—Replacement of Statement 107
June 4, 2003 Fair Value Measurement—Proposal for Fair Value Measurement Project
May 7, 2003 Business Combinations: Purchase Method Procedures
April 9, 2003 Financial Instruments: Disclosure about Fair Value
March 5, 2003 Financial Instruments: Disclosure about Fair Value
February 20, 2003 Financial Instruments: Disclosures about Fair Value
January 8, 2003 Financial Instruments: Disclosures about Fair Value
December 11, 2002 Business Combinations: Purchase Method Procedures
April 17, 2002 Business Combinations: Purchase Method Procedures
February 6, 2002 Financial Instruments: Disclosures about Fair Value
January 9, 2002 Financial Instruments: Disclosures about Fair Value
December 19, 2001 Financial Instruments: Disclosures about Fair Value

RELATED FASB ARTICLES

Download the article, "FASB Adds Project to Improve Fair Value Measurement Guidance" from The FASB Report, No. 245, June 30, 2003.

CONTACT INFORMATION

For additional information about this project, you may contact:

Linda MacDonald
Project Manager
lamacdonald@fasb.org