Just last month, the International Accounting Standards Board (IASB) held a joint meeting with its U.S. counterpart, the Financial Accounting Standards Board (FASB) to discuss, among other agenda items, its response to FSAS 157, Fair Value Measurement. (See BVWire #48-3).

According to the latest update, “IASB plans to issue a discussion paper about fair value measurements by the end of this year.” A primary focus: IASB has decided that “in the final business combinations standard, the term fair value should be as defined in IFRS 3 [International Financial Reporting Standards].” At the joint meeting, FASB postponed its decision on the measurement attribute, to allow the IASB staff time to consider whether there were any “material differences” between fair value measurements in ISFR 3 and those in FSAS 157.

The Boards also discussed procedures for finalizing their common conceptual framework, and the status of projects included in their original Memorandum of Understanding (February 2006). Click here to read this “roadmap for convergence between IFRSs and U.S. GAAP.”