FASB settles on changes to fair-value rules

11/15/2009 | Reuters · WebCPA

The Financial Accounting Standards Board and the International Accounting Standards Board were at odds over fair-value accounting rules at the start of the month; less than two weeks later, the FASB committed to a set of rules and made plans to move forward. The FASB had proposed that all financial instruments be valued at market levels, while the IASB wanted to value these assets at "amortized cost," a method that refers closely to cash flows. "If FASB and IASB can't agree on mixed model or full fair value model ... the next best thing is something to move between the two," Sir David Tweedie, chairman of the IASB, said last month.

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Reuters · WebCPA