Norwalk, CT, June 29, 2010—The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs).
The proposed Update sets forth 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 IFRSs. This proposed Update is the result of the Boards’ joint efforts to ensure that fair value will have the same meaning in U.S. GAAP and IFRSs and that their respective fair value measurement and disclosure requirements will be the same (except for minor differences in wording and style). The amendments in this proposed Update would apply to all reporting entities that are required or permitted to measure or disclose the fair value of an asset, a liability, or an instrument classified in shareholders’ equity in the financial statements.
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