On 28 May 2009 the International Accounting Standards Board (IASB) published for public comment an exposure draft on guidance on fair value measurement.
The proposed guidance deals with how fair value should be measured when it is required by existing standards. It does not extend its use in any way.
If adopted, the proposals would replace fair value measurement guidance contained within individual International Financial Reporting Standards (IFRSs) with a single, unified definition of fair value, as well as further authoritative guidance on the application of fair value measurement in inactive markets.
The comments received on the exposure draft will aid the Board in developing an IFRS on fair value measurement guidance, which the Board plans to publish later in 2010.
The Exposure Draft was open for comment until 28 September 2009.
