The Financial Accounting Standards Board has added a pair of agenda projects aimed at improving the application guidance used to determine fair values and disclosure of fair value estimates.

 FASB said the projects on application guidance will address determining when a market for an asset or a liability is active or inactive; determining when a transaction is distressed; and applying fair value to interests in alternative investments, such as hedge funds and private equity funds.

The project on improving disclosures about fair value measurements will consider requiring additional disclosures on such matters as sensitivities of measurements to key inputs and transfers of securities between categories.

The projects were added in response to recommendations contained in the Securities and Exchange Commission’s recent study on mark-to-market accounting, as well as input provided by the FASB’s Valuation Resource Group.

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