Fair Value Measurement—Joint Project of the IASB and FASB
Last updated on May 16, 2011. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
(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.
Due Process Documents
*Decisions Reached at Last Meeting
*Summary of Decisions Reached to Date
Board/Other Public Meeting Dates
The objective of this joint IASB/FASB project was to develop common fair value measurement guidance. To achieve this objective, the FASB and the IASB had agreed to the following:
- The project’s objective was to ensure that fair value has the same meaning in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS).
- The project’s goal was to make U.S. GAAP and IFRS guidance on fair value measurement the same, other than minor necessary differences in wording or style. The FASB agreed to consider comments received on the IASB Exposure Draft, Fair Value Measurement, and to propose amendments to guidance on fair value measurement in U.S. GAAP to achieve that goal.
On May 12, 2011, the FASB completed this project with the issuance of Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requiremetns in U.S. GAAP and IFRSs.
On May 12, 2011, the IASB issued IFRS 13, Fair Value Measurement.
*Decisions Reached at Last Meeting (March 15, 2011)
See minutes below.
*Summary of Decisions Reached to Date (As of March 15, 2011)
See Accounting Standards Update No. 2011-04.
The Board will continue to assess whether reporting entities should be required to provide a quantitative measurement uncertainty analysis disclosure. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
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.
|March 15, 2011||Joint Board Meeting—March deliberations|
|December 21, 2010||FASB Board Meeting—December deliberations (cont’d)|
|December 14, 2010||Joint Board Meeting—December deliberations|
|November 18, 2010||Joint Board Meeting—November deliberations|
|October 21, 2010||Joint Board Meeting—October deliberations|
|September 15, 2010||Joint Board Meeting—September deliberations|
|March 31, 2010||FASB Board Meeting—March deliberations (cont’d)|
|March 24, 2010||Joint Board Meeting—March deliberations (cont’d)|
|March 22, 2010||Joint Board Meeting—March deliberations (cont’d)|
|March 11, 2010||Joint Board Meeting—March deliberations (cont’d)|
|March 3, 2010||Joint Board Meeting—March deliberations|
|February 18, 2010||Joint Board Meeting—February deliberations (cont’d)|
|February 16, 2010||Joint Board Meeting—February deliberations|
|January 20, 2010||Joint Board Meeting—January deliberations (cont’d)|
|January 18, 2010||Joint Board Meeting—January deliberations|
|December 16, 2010||Joint Board Meeting—Updated project plan|
|October 28, 2009||Joint Board Meeting—Agenda Decision|
The FASB issued Statement No. 157, Fair Value Measurements, in 2006, and its guidance has been effective since November 2007. In May 2009, the IASB issued an Exposure Draft on fair value measurement in which it used Topic 820 of the FASB Accounting Standards CodificationTM as a starting point. At the October 2009 joint Board meeting, the FASB and the IASB agreed to develop common fair value measurement guidance.
Senior Technical Manager
Postgraduate Technical Assistant