The Financial Accounting Standards Board and the International Accounting Standards Board have each recently issued exposure drafts proposing changes in the standards for fair value measurement and disclosure in U.S. GAAP and International Financial Reporting Standards.
FASB's proposed Accounting Standards Update contains amendments that the boards believe would improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS.
The proposed update is the result of joint efforts to ensure that fair value will have the same meaning under U.S. GAAP and IFRS, and that their respective measurement and disclosure requirements will be virtually the same, except for minor differences.
See full Press Release.
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