The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the effectiveness of the disclosure requirements for fair value measurements.

The proposed update is part of the FASB’s broader disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by clearly communicating the information that is most important to users of a reporting organization’s financial statements.

The changes are aim to improve the existing disclosure requirements related to fair value measurement, clarify those requirements, and identify ways to improve FASB’s decision process.

Fair value measurement is one of four areas where FASB is evaluating the existing disclosure requirements.  Other areas it intends to address include an employer’s disclosure of defined benefit plans, income taxes and inventory.

FASB is asking stakeholders to review and provide comment on the proposals by Feb. 29, 2016. The proposed accounting standards update, along with a document explaining the questions considered by the FASB as part of its process, are available at www.fasb.org.

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