Reminder: Comments due on AICPA’s proposed standard on financial instrument valuation

BVWireIssue #220-4
January 27, 2021

fair value for financial reporting
AICPA, fair value, fair value measurements, financial instruments

The AICPA’s Auditing Standards Board (ASB) has proposed a standard designed to provide practitioners with more guidance on auditing management’s estimates of the fair value of financial instruments, including on the use of pricing services. The proposed standard provides guidance:

  • When management has used the work of a specialist in making accounting estimates, as well as other proposed amendments to enhance guidance when evaluating the work of the management’s specialist;
  • On the use of pricing information from pricing services when evaluating management’s estimates related to the fair value of financial instruments; and
  • When using the work of an auditor’s specialist.

The Proposed Statement on Auditing Standards (SAS), Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources, has a comment period that ends February 4. Please send comments to

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