LEGISLATIVE UPDATE: FAS 157 - Fair Value Measurements
Legislative Overview: Effective Date of FASB 157 Partially Delayed
The Challenge – In recent years, corporations have faced difficult questions related to the “fair value” of assets and liabilities.
The Regulation – The Financial Accounting Standards Board (FASB) issued Statement 157 to establish a single definition of fair value and define the framework for measuring it. In February, the FASB announced the partial delay of the effective date of Statement 157 for all non-recurring fair value measurements of non-financial assets and non-financial liabilities until fiscal years beginning after November 15, 2008.
The Effect – Companies who are not a financial institution (or the majority of its assets are not financial in nature) have until mid-November to get ready for Statement 157.
Next Step – Companies must understand the timetable for the deferment and prepare for the implementation of this important definition to consider its potential effect on future financial statements.
AdVantage™ Delivered – AccuVal helps companies prepare to comply with this and other regulations and routinely helps major corporations estimate the fair value of their assets. Our work not only addresses the intense scrutiny of Federal Authorities and Public Accounting firms, but also provides customers with timely market information beneficial to making important decisions that affect the profitability and positioning of the company. Read how AccuVal helped a customer that just completed a $1 billion acquisition here.