Response to FASB Exposure Draft, "The Fair Value Option for Financial Assets and Financial Liabilities, Including an Amendment of FASB Statement No. 115"

Cita Document Section options Testo completo Testo completo - PDF Current viewAbstract/Dettagli 26 Riferimenti 3 Volte citato in ProQuest 590 Documenti con riferimenti condivisi Content area Mostra duplicati da altri database Abstract Traduci The Financial Accounting Standards Committee of the American Accounting Association pleased to respond to the Financial Accounting Standards Board (FASB) Exposure Draft, "The Fair Value Option for Financial Assets and Financial Liabilities, Including an Amendment of FASB Statement No 115" issued in January 2006. A key requirement is that on the Statement of Financial Position preparers must distinguish between assets and liabilities measured pursuant to the fair value election and assets and liabilities measured using another measurement attribute. This paper summarizes the findings of more recent academic research, most of which also examines fair value estimates using accounting data of commercial banks and other financial institutions. The Committee believes that expanded fair-value-based financial statements may provide users useful information, provided the fair value estimates are reliable. Recent research The Committee believes that presentation and disclosure are important considerations in developing a fair value financial reporting model.