Transcription of FASB Statement No. 157 – Fair Value Measurements
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FASB Statement No. 157 – Fair Value Measurements
FASB Statement No. 157 fair Value MeasurementsJohn R. NullJuly 16, 20092 Objectives Overview of fair Value Valuation techniques and guidance Specific application to non-profits Disclosure requirements and examples Planning and other considerations3 Overview of SFAS 157 Effective for fiscal years beginning afterNovember15, 2007 Applies to financial and nonfinancial assetsand liabilities measured at fair value4 Overview of SFAS 157(cont.) The goal of SFAS 157 is to improve financialreporting by: Providing a common definition of fair Value Almost 70 FASB pronouncements that require or allow fairvalue measurement Establish a framework for measuring fair Value Expand disclosures on use of fair valuemeasurements Create principles-based standard Increase transparency5 Effective Date Financial assets/liabilities and nonfinancialassets/liabilities recognized or disclosed atfair Value on a recurring basis - effective forperiods b
value, and subsequently adjusted to reflect expected exit values at the measurement date by utilizing assumptions that market participants would normally use in estimating a fair market value. These valuation adjustments
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Applying IFRS: Fair Value Measurement, Value, Measurement, Data and Levels of Measurement, The Measurement, Quality Measurement and Value Based Purchasing, Measurement and Measurement Scales, Measurement Analysis 1: Measurement Uncertainty, Measurement Objectives, Of value, Measurement Systems Analysis, Of Data & Measurement Scales: Nominal, Ordinal