Also last week the International Accounting Standards Board (IASB) released its “preliminary views on providing consistency in the measurement of fair value.” Like its FASB counterpart, FSAS 157 (see BVWire #48-3), the IASB discussion paper does not introduce any new fair value measurements, which are scattered throughout existing International Financial Reporting Standards (IFRSs). However, guidance on measuring fair value is not always “consistent” among IFRSs, the IASB says, and it aims to establish a “concise definition” to simplify IFRSs and improve the quality of fair value information in financial reports.

Interestingly, the International Board concedes the advance work that FASB has done to define fair value in accordance with U.S. GAAP. To read more on the discussion paper, click here. Note: The deadline for comments is April 2, 2007.