News Article - 24 May 2012
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The period of time in which public comment can be made on discussion paper Fair Value Measurements has been increased.

With a former deadline of April 2nd 2007, the International Accounting Standards Board (IASB) has moved to revise the deadline to provide interested parties with more time to air their views.

The new date has now been set for May 4th 2007 following requests by some constituents, the IASB claims.

According to the board, the Fair Value Measurements project is not aiming to increase the use of fair value in financial reports, but rather to simplify guidance which is already in existence in various international financial reporting standards (IFRSs).

Upon the discussion paper's release, the IASB stated that providing a single source of guidance and a concise definition of fair value would help to improve the quality of such information in financial reports.

Guidance on how to measure fair value is not always consistent because of the way in which it is dispersed through IFRSs, the board stated.

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