IASB publishes fair value advice

News Article - 03 November 2008
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Advice on applying fair value measurement during inactive markets has been published by the International Accounting Standards Board (IASB).

The information is made up of a summary document created by the IASB and the findings of an expert advisory panel which has been looking at the topic.

Important matters related to fair value are discussed in the summary document, which adheres with recent statements from the Financial Accounting Standards Board (FASB) and the office of the chief accountant of the US securities and exchange commission (SEC), on October 10th and September 30th respectively

It also explains the context of the findings by the panel.

IASB chairman, Sir David Tweedie, said: "The expert advisory panel has provided useful input to a number of projects and we are moving quickly to incorporate their valuable contributions into our standards."

The panel, which included auditors of financial statements and regulators, had a remit to find how best to measure fair value, not whether it was appropriate for measuring individual financial instruments.

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