IASB and FASB reach tentative agreement on fair value definition

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reached a tentative decision for defining fair value. The groups had a three-day meeting to reconcile differences as they try to converge US GAAP with International Financial Reporting Standards (IFRS) by June 2011. Under this decision, fair value would be defined as an exit price. (Read the article Accounting Boards Define Fair Value at WebCPA online.)