Tentative agreement on fair-value accounting reached

02/19/2010 | WebCPA

A joint meeting of the Financial Accounting Standards Board and the International Accounting Standards Board on revising fair value accounting standards reached a tentative decision that measuring a nonfinancial asset considers its highest and best use by market participants. The groups are facing a 2011 deadline on convergence and fair-value accounting has been one area of significant disagreement. For IFRS daily updates, case studies, training courses and other resources, visit www.IFRS.com.

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