Nov 15, 2013
From the Financial Reporting View
The November 2013 edition of Fair Value Measurements - Questions and Answers focuses on fair value measurement, providing guidance about applying the standards, and highlighting the handful of differences between U.S. GAAP and IFRS.
Fair value measurement is an area of U.S. GAAP and IFRS that is substantially converged. The respective standards establish a framework for measuring fair value and a fair value hierarchy based on the source of the inputs used to estimate fair value, and require disclosures about fair value measurements. FASB ASC Topic 820, Fair Value Measurement, and IFRS 13, Fair Value Measurement, do not establish new requirements for when fair value is required or permitted but, rather, provide guidance about how fair value is measured.