The Financial Accounting Standards Board has issued an invitation to comment on how it might proceed toward simplifying the measurement of complex financial instruments.The invitation comes amid a global controversy over whether current reporting on some financial instruments at fair value may be causing volatility in securities and credit markets. The issue at FASB, however, is over the perplexing varieties of measurement.
“Right now we’re measuring a lot of similar things a lot of different ways,” said FASB senior technical advisor Ron Lott. “And the people who are trying to read the financial statements have a little struggle trying to sort what’s what — what’s measured this way, what’s measured that way, and how it all affects financial statements.”
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