The Financial Accounting Standards Board has issued a proposed standard that would require disclosures about the fair value of financial instruments in interim financial statements as well as annual statements.
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The proposed FASB staff position would amend FASB Statement No. 107, “Disclosures about Fair Value of Financial Instruments,” as well as APB Opinion No. 28, “Interim Financial Reporting.”
FASB is asking for written comments on the proposal from those who agree and those who do not. The board is also asking for comments on the following:
1. Do you agree that the proposed disclosures should apply to all financial instruments currently included within the scope of Statement 107? If not, which financial instruments do you propose should be included within the scope of this proposed FSP?
2. Do you agree that the proposed disclosures should be applicable to all entities covered by Statement 107? If not, which entities do you propose should be exempt from the proposed additional interim reporting requirements?
3. Are the proposed requirements to disclose fair value information for all interim and annual reporting periods ending after March 15, 2009, operational? If not, what would be an appropriate effective date? Why?
4. Are the proposed requirements to disclose the method(s) and significant assumptions used to estimate the fair value for all financial instruments for all interim periods subsequent to initial adoption operational? Why or why not?
Responses must be received in writing by March 2, 2009. Interested parties should e-mail their comments to firstname.lastname@example.org with the subject line, “File Reference: Proposed FSP FAS 107-b and APB 28-a.”