The International Accounting Standards Board (IASB) published on December 12, 2006 for public comment a discussion paper setting out its preliminary views on providing consistency in the measurement of fair value.

The proposal aims at addressing requests from a number of interested parties seeking additional guidance on the measurement of fair value. The proposals would not introduce new measurements of fair value. However, The IASB believes that establishing a concise definition of fair value and a single source of guidance for all fair value measurements required by International Financial Reporting Standards (IFRSs) will both simplify IFRSs and improve the quality of fair value information included in financial reports.

Introducing the discussion paper, Sir David Tweedie, IASB Chairman pointed out, “the use of fair value in financial reporting is of great interest to preparers, auditors, users and regulators. We believe that an essential ground-clearing step in the debate is to establish a clear international definition of fair value and a consistent framework for measuring it.”

The IASB invites comments on the discussion paper by 2 April 2007. The IASB plans to publish an exposure draft in 2008.

IASB is committed to developing in the public interest a single set of high quality global accounting standards.

For more information please visit the following website: www.iasb.org