A post-implementation review of the Financial Accounting Standards Board’s fair value measurement standard by FASB’s parent organization found the standard generally met its objectives, even though some investors have difficulty understanding fair value information provided in the financial statements, and their level of satisfaction with the information varies.

The Financial Accounting Foundation has been conducting post-implementation reviews of older FASB standards, and the review of Statement No. 157, Fair Value Measurements, is the latest. The standard was originally issued in 2006 and amended in 2010 after the financial crisis prompted calls for changes in fair value and mark-to-market accounting for financial instruments. Statement 157 provides a single definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. However, FAS 157 does not change existing U.S. GAAP requirements that specify which items organizations should measure and report at fair value.

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