The Financial Accounting Standards Board has decided to issue final guidance that would defer for a year the effective date on which private and public entities would have to account for fair value measurements.

At its Nov. 14, 2007 meeting, FASB decided to defer the effective date of Statement 157 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). FASB authorized the staff to proceed to a draft of a proposed FASB Staff Position for vote by written ballot, with a comment period of 30 days.

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