13
Apr
10

Fair value junkies – keep an eye on on the future

Non-profits have been involved in a long process assessing and interpreting FAS 157 – Fair Value Measurements (FASB ASC 820) for its application to gifts-in-kind (GIK) contributions. In a future blog, I’ll share my journey about what I’ve learned about how to interpret and apply the standard to GIK. In the meantime I want to share the latest and greatest.

While the standard is currently being implemented by non-profits for GIK, it continues on a path to evolve. The Financial Accounting Standards Board (FASB) provides regular updates about its current technical plan and projects. Earlier this month the FASB updated the discussion about Fair Value Measurement. The FASB has a joint project with the IASB to create converged fair value measurement guidance. Certain summary decisions have been reached while others remain open for discussion. In my opinion, nothing here shatters the earth, but its certainly something I want to keep the pulse of as it progresses.

The FASB intends to issue the proposed update by the end of the second quarter 2010 and a 45 day comment period would ensue, ending August 16, 2010. Stay tuned.

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