IASB extends comment period on fair value measurements

BVWireIssue #53-3
February 28, 2007

Earlier this month, the International Accounting Standards Board extended the period for public comment on its Discussion Paper Fair Value Measurements (see BVWire #51-1), from April 2, 2007 to May 4, 2007. “Constituents requested more time, given the significance of the issues raised in the discussion paper,” according to the IASB release.

Sources also indicate the International Board may have been cognizant of the need for convergence with FASB’s Statement No. 157 on Fair Value Measurements. For example, the BVWire has obtained comments from the Financial Reporting Committee of the Institute of Management Accountants. Its specific concern:

If the FASB and the IASB take differing views on key concepts (e.g. can one use entity specific information, is fair value an exit price or an entry price, can one record day one gains based on an internal model when applying Level 3 fair value guidance), the accounting profession will be faced with global disharmony which will result in the need for companies to continuously maintain two sets of books (one for US GAAP and another for International GAAP) when preparing statutory financials and foreign filings.

 For more information on the IASB’s invitation to comment and related guidance, click here.

Live from NY: a mock trial for matrimonial valuations

The New York chapter of the ASA is preparing to host the first-ever educational “mock trial” for appraisers in early May. An expert panel of attorneys will take attendees through a matrimonial dispute involving a number of assets; the sessions will include “behind the scenes” trial prep with plaintiff’s and defendant’s counsel, as well as expert testimony and cross-examination.

A special feature: New York State Supreme Court Justice Jacqueline Silvermann will preside over the proceedings, announcing her “decision” at midday with follow-up analysis of the process as well as the expert participants. For more information, click here.

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