IASB guidance on fair value measurement

The International Accounting Standards Board (IASB) has published guidance on the application of fair value measurement when markets become inactive. The guidance includes a summary document prepared by IASB staff and the final report of the expert advisory panel established to consider the issue. It takes into consideration recent documents issued by the US Financial Accounting Standards Board (FASB) on October 10, 2008 and by the Office of the Chief Accountant of the US Securities and Exchange Commission (SEC) and FASB staff on September 30, 2008. (Read the IASB press release, IASB staff summary and the final report of the IASB Expert Advisory Panel.)