The Financial Accounting StandardsBoard and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards.
The two boards committed late last year to meet on a monthly basis - both in person and via video conference - to resolve some of the thornier issues holding up convergence of International Financial Reporting Standards and U.S. GAAP, with the goal of completing most of their work by June 2011.
Fair value and mark-to-market accounting have been among the most controversial issues the two boards have dealt with, especially when both standard-setters came under political pressure last year to revise their standards in response to the financial crisis. Last month, the two boards tentatively agreed to define fair value as an exit price, along with other issues.
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