Do we really need practice standards on fair value?

BVWireIssue #51-3
December 20, 2006
The FASB is planning to issue practice standards on fair value, according to Mark Zyla (Willamette Management Associates), who announced the initiative at last month’s AICPA national confab in Austin. “The Board will solicit input from all interested parties,” Zyla said, “about the need, if any, for additional valuation standards for [fair value] purposes.”

FASB director and project manager of its fair value initiatives, Linda MacDonald, confirms, “At this point, we are developing an Invitation to Comment (ITC) to solicit input from all interested parties on the need for valuation guidance to develop the measurements required for financial reporting and related issues, including who should develop/issue that guidance. We plan to issue the ITC this month (if possible). When we issue, the ITC will be available on the FASB website (www.fasb.org).”

In the meantime, don’t miss Zyla’s presentation with Neil Beaton (Grant Thornton), Ed Ketz (Penn State) and moderator Jay Fishman on “Valuing Intangibles,” BVR’s most recent telephone conference, providing key insights related to SFAS 141, 142R, 144, and 157. To obtain a transcript or CD, click here.

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