Valuation Resource Group (VRG)
Last Updated: March 24, 2011 (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.
*Objective
*Meeting Dates and Issues Discussed to Date
*Valuation Resource Group Members
*History and Background
Contact Information
*Objective
In step with its mission to improve and enhance the quality, consistency, and comparability of financial statements, the FASB continues to assess whether and to what extent additional and more specific valuation guidance is needed for financial reporting purposes beyond the guidance provided in Topic 820, Fair Value Measurements and Disclosures, of the FASB Accounting Standards Codification® (formerly FASB Statement No. 157). The Board seeks to solicit the views of its constituents through the formation of a resource group tasked with assisting the Board in matters involving valuation for financial reporting purposes.
The Valuation Resource Group (VRG) provides the Board and FASB staff with information on existing implementation issues related to fair value measurements used for financial statement reporting purposes and the alternative viewpoints that may be associated with those implementation issues. VRG meetings include a private session with FASB staff and a public session with the Board. The VRG does not make any authoritative decisions. Any authoritative decisions are subject to the FASB’s normal due process, including open deliberation by the Board.
*Meeting Dates and Issues Discussed to Date
*November 1, 2010 |
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April 12, 2010 |
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September 22, 2009 |
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February 5, 2009 |
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September 23, 2008 |
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May 8, 2008 |
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February 1, 2008 |
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November 9, 2007 |
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October 1, 2007 |
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Valuation Resource Group Members
Paul Barnes (valuation) Don Charles (valuation) Frank Ciccotto (valuation) Michael DeLuke (valuation) Wallace Enman (user) Greg Forsythe (valuation) Carla Glass (valuation) Gordon Goodman (preparer) Yassir Karam Jerry Mehm (valuation) Andreas Ohl (accounting) Amy Ripepi (accounting) Richard Stuart (accounting) Chris Thorne (valuation)
Brenna Wist (accounting) Observing Organizations: SECPCAOB IASB AICPA Federal Reserve Board of Governors |
Duff & Phelps Ernst & Young Standard and Poor’s Houlihan, Lokey, Howard, & Zukin Moody’s Investors Services Deloitte Hill Schwartz Spilker Keller LLC Occidental Petroleum Clifton Gunderson American Appraisal PricewaterhouseCoopers Financial Reporting Advisors McGladery & Pullen International Valuation Standards Council Pfizer KPMG
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In January 2007, the FASB issued an Invitation to Comment seeking views from constituents on (a) the need, if any, for valuation guidance related to the use of fair value measurements in financial reporting, (b) who should be involved in developing any such valuation guidance, and (c) the process and form of any such guidance-setting activities. Over 80 comment letters were received and posted to the FASB website. Additionally, the Board held a Public Roundtable on April 30, 2007 to enable constituents to elaborate on and discuss the issues raised in the Invitation to Comment. The Board issued a press release on June 21, 2007 announcing the formation of a resource group to address issues relating to valuation for financial reporting.
Contact Information
Ben Couch
Valuation Practice Fellow
bcouch@fasb.org
Emily Montgomery
Postgraduate Technical Assistant
emontgomery@fasb.org