Fair Value, Crisis and More: Joint Project of the IASB and FASB on Fair Value Measurement

Background Information
The FASB issued Statement No. 157, Fair Value Measurements, in 2006, and its guidance has been effective since November 2007. In May 2009, the IASB issued an Exposure Draft on fair value measurement in which it used Topic 820 of the FASB Accounting Standards Codification^TM as a starting point. At the October 2009 joint Board meeting, the FASB and the IASB agreed to develop common fair value measurement guidance.

On May 12, 2011, the FASB completed this project with the issuance of Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requiremetns in U.S. GAAP and IFRSs.

On May 12, 2011, the IASB completed this project with the issuance of IFRS 13, Fair Value Measurement. IFRS will be effective on January 1, 2013.

Project milestones(IFRS)