Several developments of note are in the works concerning valuation-related rules and guidance.
Fair value: During this month, a post-implementation review (PIR) team will survey stakeholders about the application and effectiveness of FASB Statement 157, Fair Value Measurements, according to the Financial Accounting Foundation. Statement 157, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements, is currently being reviewed.
Customer-related assets: Finishing touches are being applied to the exposure draft concerning customer-related assets, which was issued as a discussion draft, The Valuation of Customer-Related Assets, in June 2012 by The Appraisal Practices Board of The Appraisal Foundation. The exposure draft will provide guidance on the valuation of customer-related intangible assets. The exposure draft will most likely be issued in mid-October or so.
Leases: Valuation experts will see very different-looking income statements and balance sheets under proposed changes designed to unite lease accounting around the world (see the May 22 issue of BVWire). The FASB and the IASB are holding several joint public round-table meetings during September and October on their revised joint proposals on leases that were published in May 2013: the revised proposed FASB Accounting Standards Update, Leases (Topic 842), and the IASB’s Exposure Draft, Leases. For more information, and to register, go to the Leases project pages on the FASB and IASB websites.
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