The International Accounting Standards Board made another attempt to bring order to the global uncertainty around fair value.  This serves as one more step to closing the distance between GAAP and IFRS, and according to this article from Accounting Today the guidance defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date,” or the exit price.

I noted in March that Mary Schapiro may be looking to slow the convergence process; even so, agreement on fair value continues to be a dominant point of discussion.

This entry was posted on Tuesday, June 2nd, 2009 at 1:15 pm and is filed under Fair Value, Globalization. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.