Only 6 percent of companies have assessed how statement No. 157, “Fair Value Measurement,” will impact the valuation of their assets and liabilities, according to a recent online poll conducted by Deloitte Financial Advisory Services LLP.
The fair value statement from the Financial Accounting Standards Board Statement goes into effect for fiscal years beginning after Nov. 15, 2007. The statement enhances guidance on how to measure assets and liabilities at fair value and consolidates fair value measurement into a single accounting standard. The new standard does not require any new fair value measurements, but does introduce new disclosures intended to highlight the reliability of fair value measurements.
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