Dataline: Fair value measurement -- FASB and IASB joint project near completion (No. 2011-12)

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On June 29, 2010, both the FASB and IASB issued exposure drafts of proposed changes to their standards aimed at bringing together as closely as possible the fair value measurement and disclosure guidance of the two boards. The boards have been considering the feedback they received on the exposure drafts, and except for effective dates and transition, the boards have completed their redeliberations and plan to finalize their new standards in March 2011. Although many of the changes to existing U.S. GAAP will not have a significant effect on practice, some will. This Dataline summarizes key aspects of the FASB's exposure draft and decisions reached by the boards during redeliberations conducted subsequent to the issuance of their exposure drafts.