This issue of Heads Up summarizes the FASB’s recent issuance of two Staff Positions on Statement No. 157, Fair Value Measurements: (1) FAS 157-2, which partially defers Statement 157’s effective date, and (2) FAS 157-1, which excludes FASB Statement No. 13, Accounting for Leases, as well as other accounting pronouncements that address fair value measurements on lease classification or measurement under Statement 13, from Statement 157’s scope.

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