New Standards On Fair Value; Changes Planned For Financial Instruments, By KPMG
May 23, 2011
KPMG has published two reports in its “Defining Issues” series providing updates on fair value measurement (specifically, new standards issued by the Financial Accounting Standards Board and International Accounting Standards Board on May 12, 2011), and an update on the status of the FASB's financial instruments project.
KPMG’s Defining Issues on fair value measurement reports that concurrent with IASB’s issuance of a fair value measurement standard on May 12, 2011, FASB issued amendments to U.S. GAAP (also on May 12) to achieve the boards’ objective of a converged definition of fair value and substantially converged measurement and disclosure guidance.
KPMG’s Defining Issues on financial instruments reports that FASB continues to make significant tentative revisions to its exposure draft on accounting for financial instruments in response to feedback received from constituents. It summarizes the FASB’s recent tentative decisions through its May 18, 2011 meeting, which are subject to change until a final standard is issued.