The Financial Accounting Standards Board and the International Accounting Standards Board completed a major project of their joint convergence effort with the release May 12 of guidance on fair-value measurement and disclosure requirements that the boards said is "largely identical" across International Financial Reporting Standards and U.S. GAAP. The requirements do not extend the use of fair-value accounting, but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRS or U.S. GAAP. Download the AICPA's Accounting and Auditing Brief -- The FASB/IASB Financial Instruments Accounting Project.

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