CCH has introduced an online resource, FAS 157 Manager, designed to help accountants deal with the complexities of Financial Accounting Standard Statement No. 157 on fair value measurements.

FAS 157 Manager is available on the CCH Tax Research NetWork. It provides a collection of support materials needed to implement the fair value measurement standard, including answers to 110 common questions, official documents, practice aids and tools to help companies and professionals.

FAS 157 has caused controversy in the accounting profession as it has required companies to try to value assets even as they decline in markets like those for mortgage securities.

FAS 157 Manager guides subscribers through the complexities of FAS 157 with answers in CCH Smart Charts and Interactive Research Aid formats that link directly to specific sections of FAS 157 and related practice aids. Topics include: overview and scope of FAS 157; definition and measurement of fair value; fair value hierarchy; recurring and non-recurring valuation; principal and most advantageous market; disclosure; risk adjustment; exit and entry price; observable and unobservable inputs; effective dates and transition. The answers may be viewed or downloaded to Microsoft Word or Excel.

A single-user, one-year subscription starts at $995. For more information, go to

In separate news, the Securities and Exchange Commission's Division of Corporate Finance and Office of the Chief Accountant has sent a letter to the chief financial officers of a number of public companies giving them detailed instructions on how to make fair value measurement disclosures in the Management's Discussion and Analysis section of their 10-K filings.

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