FASB grants partial deferment for fair value measures

NORWALK, Conn., Nov. 16, 2007 — The Financial Accounting Standards Board has reaffirmed its vote against a blanket deferral of Statement 157, Fair Value Measurements.

For fiscal years beginning after Nov. 15, 2007, companies will be required to implement the standard for financial assets and liabilities, as well as for any other assets and liabilities that are carried at fair value on a recurring basis in financial statements. As a result, Statement 157 becomes effective as originally scheduled in accounting for the financial assets and liabilities of financial institutions.

The FASB did, however, provide a one-year deferral for the implementation of Statement 157 for other non-financial assets and liabilities.

An exposure draft will be issued for comment in the near future on this partial deferral.

The audiocast of the Nov. 14 meeting is available at www.fasb.org.

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