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Assignment on fair value accounting

Number of Words : 2031

Number of References : 4


 Executive summary on fair value accounting
 Introduction on fair value accounting
 Review and evaluation of the discussion paper
 Fair value measurement
 Potential benefits and costs that may result from the implementation of this project
 Single source of guidance for all fair value measurements
 Exit price measurements vs. Entry values
 List of fair value References


International <b>Accounting</b> Standard Board (IASB) is based in London, U.K & Financial <b>Accounting</b> Standard Board (FASB) U.S. It operates specifically in the field of modern <b>accounting</b> era. It offers a range of new <b>accounting</b> techniques to come across over the problem in which we stuck frequently. This letter sets out the ASB’s comments on the discussion paper as of September, 2006. The objective of the project is to define <b>fair value</b> more clearly and to provide guidance on measuring fair value when its use is required by another standard. The project is not intended to require additional <b>fair value measurements</b> or to increase the use of <b>fair value</b> in IFRSs & the how much the definition is consistent that an assets & liabilities are <b>Fair Value measurement</b> with an exit price defined in SFAS 157. The IASB recognized the need for consistent guidance on measuring fair value in IFRSs and for convergence with US GAAP. At this meeting the Board continued its discussions of the provisions of SFAS 157 and the issues and questions to be included in the invitation to comment. The ASB does not therefore support the proposition that market based exit prices are the most appropriate measure of <b>fair value</b> for all assets and liabilities to be reported in financial statements. We would encourage the IASB to undertake further research on the subject before its application to standards.<br />

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