Mar 17, 2014
From the Financial Reporting Network
The FASB recently responded to the Financial Accounting Foundation's (FAF) Post-Implementation Review (PIR) Report about FASB Statement No. 157, Fair Value Measurements (as codified in FASB ASC Topic 820, Fair Value Measurement). Notwithstanding its recommendations, the PIR team concluded, in general, that Statement 157 met its objectives, did not result in unanticipated consequences, and achieved its expected benefits. In its response, the FASB acknowledged that the PIR Report recommendations for the FASB to (1) summarize and document cost-benefit considerations and (2) enhance user outreach and related documentation are critical to strengthening the credibility of the FASB's due process efforts. Although it made process enhancements to those areas since Statement 157 was issued, the FASB accepted the finding that it should continue to focus on these areas.