FASB and the International Accounting Standards Board (IASB) on Thursday issued guidance on fair value measurement and disclosure requirements that the boards said in a press release is “largely identical” across IFRS and U.S. GAAP.
The guidance, set out in IFRS 13, Fair Value Measurement, and FASB Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, completes a major project of the boards’ joint work to improve IFRS and U.S. GAAP and to bring about their convergence. The boards said the harmonization of fair value measurement and disclosure requirements internationally also forms an important element of the boards’ response to the global financial crisis.
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