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Fair Value and Impairment Charges: A Guide to Navigating the FASB’s Changes (06.05.09)
The Financial Accounting Standards Board (FASB) made changes for measuring and disclosing fair value and for recognizing and presenting other-than-temporary impairment (OTTI) charges with the issuance on April 9 of three FASB Staff Positions (FSPs). The first FSP amends FASB Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” (FAS 157 or Statement 157) to provide additional guidance for estimating fair value when there has been a significant decrease in volume and level of activity when compared with normal market activity for the financial instrument or similar instruments. The second FSP amends the OTTI guidance for debt securities. The third FSP requires more frequent disclosures of fair value information for public companies. Download PDF
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