After collating some 80 comment letters on valuation guidance for financial reporting, the Financial Accounting Standards Board unveiled plans to form a resource group on the subject. Specifically, the cadre will provide the standard-setter with input on potential clarifying guidance on issues relating to the application FASB Statement No. 157 on Fair Value Measurements. FASB said the composition of the group will comprise of a cross section of constituents and added that its initial meeting will be sometime during the third quarter of 2007.

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