NEW YORK- The International Accounting Standards Board (IASB) announced on October 15, 2008 providing an update on its work to consider the application of fair value when markets become inactive.
The IASB reaffirms its belief that fair value measurement guidance under IFRSs and US generally accepted accounting principles is already consistent.
IASB emphasizes that the objective of a fair value measurement is the price at which an orderly transaction would take place between market participants on the measurement date, not the price that would be achieved in a forced liquidation or distress sale.
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