IASB, FASB reach tentative agreement on fair value definition

01/22/2010 | WebCPA

The Financial Accounting Standards Board and the International Accounting Standards Board reached a tentative decision for defining fair value. The groups had a three-day meeting to reconcile differences as they try to converge U.S. GAAP with International Financial Reporting Standards by June 2011. Under this week's decision, fair value would be defined as an exit price.

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