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