Status of Statement No. 159

The Fair Value Option for Financial Assets and Financial Liabilities—Including an amendment of FASB Statement No. 115

Status

Issued: February 2007
 

Effective Date:
As of the beginning of each reporting entity’s first fiscal year that begins after November 15, 2007; this Statement should not be applied retrospectively to fiscal years beginning prior to the effective date, except as permitted in paragraph 30 for early adoption.

Affects:
Amends APB 21, paragraph 16
Amends FAS 57, paragraph 24(f)
Amends FAS 95, paragraphs 15 through 17 and footnote 8c
Effectively amends FAS 95, footnote 5
Amends FAS 102, paragraph 8
Amends FAS 115, paragraphs 4, 17, and 18
Effectively amends FAS 123(R), paragraph E1
Amends FAS 124, paragraph 6
Amends FAS 133, paragraphs 42 and 44A
Effectively amends FAS 140, paragraph 364
Effectively amends FAS 141, paragraph F1

Affected by:
Paragraph 10 amended by FAS 141(R), paragraph E4(a)

Issues Discussed by FASB Emerging Issues Task Force (EITF)
Affects:
No EITF Issues

Interpreted by:
No EITF Issues

Related Issues
EITF Issue No. 08-5 and Topic No. D-98

Abbreviations for Accounting Pronouncements

FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides