IMA 'welcomes' paper on fair value

News Article - 24 May 2012
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A paper on fair value accounting has been released by the Global Public Policy Committee (GPPC).

Welcoming the paper, the Investment Management Association (IMA) has announced that it will assist the industry in fair value measurement alongside International Financial Reporting Standards.

Liz Murrall, senior adviser for corporate governance at the IMA, explained that the paper will help guide investors through the impact of the credit crunch.

The global problem will not just affect institutions, she added, explaining that all sectors will need assistance in determining fair value.

"In this situation there is bound to be considerable uncertainty around valuations and the need to secure uniform standards is ever more important," she concluded.

The GPPC is a body made up of the Big Six accounting firms - PricewaterhouseCoopers, Ernst & Young, KPMG, Deloitte, Grant Thornton and BDO International.

Dick Kilgust, chair of the committee, commented that the paper intends to "promote compliance and consistency".

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