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Heads Up: FASB and IASB Issue Substantially Converged Requirements for Fair Value Measurement and Disclosure

Volume 18, Issue 13


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This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2011-04, Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The ASU is the result of joint efforts by the FASB and IASB to develop a single, converged fair value framework on how (not when) to measure fair value and on what disclosures to provide about fair value measurements. Thus, although many amendments are being made to change the wording used to describe requirements in ASC 820, the ASU is largely consistent with existing fair value measurement principles in U.S. GAAP.

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