As reported in BVWire #49-2, FASB postponed the effective date for SFAS 141(R), Business Combinations: Applying the Acquisition Method, and during last week’s BVR telephone conference on SFAS 157 (Fair Value Measurements), the question came up regarding the current approval status of 141(R).
“My best information is that the Board is shooting for a June rollout,” answered moderator Al King. “They are under pressure from IASB (International Accounting Standards Board) to ‘converge,’ and IASB has some sort of internal deadline relating to the effective dates of their new Standards. But as I mentioned [during the telephone conference], in thirty-three years, the FASB has never met one of their own timetables,” King cautions, “so we will see.”
For a full transcript or CD of the SFAS 157 conference—during which panelists Jim Travis and Matt Crow join King to discuss the “down-the-rabbit-hole” adventures of fair value accounting, click here.
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