News Article - 22 May 2012
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The Accounting Standards Board (ASB) is inviting comments on its response to a recent discussion paper from the International Accounting Standards Board (IASB).

The paper, entitled Fair Value Measurements, examines ways in which fair value can be assessed in financial markets with particular focus on the experience of market participants.

It leans towards a general standard to which all international parties would be subjected, a policy which has come under question from the ASB.

In its draft response the ASB suggests that value should be assessed on a standard by standard basis, arguing that a one size fits all policy might not be the most appropriate.

Before submitting its response, the ASB is calling for comments on its recommendations in a bid to ascertain the general level of support. Comments are being invited to be made by April 5th.

The IASB discussion paper was originally issued in November 2006 and responses to the publication are being invited to be made by May 4th this year.

Earlier this year the IASB published proposals for the amendment of international accounting rules, designed to remove a burden from disclosing particular financial information.

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