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Fair Value Measurement: What’S New? Teaching Note, Danny A. Pannese, Alan Delfavero
Fair Value Measurement: What’S New? Teaching Note, Danny A. Pannese, Alan Delfavero
WCBT Faculty Publications
As the international economic landscape has become increasingly integrated, the argument for the development of uniform global accounting standards now exists. In an effort to achieve this objective, the Financial Accounting Standards Board, as part of the ongoing Convergence Project with the International Accounting Standards Board, released groundbreaking accounting standards, FAS157 & FAS159, in 2006 and 2007, respectively. Modeled after an international accounting standard, these standards pertain to the use of fair value accounting (FVA), and are the first of their kind as they provide a definition of FVA and an option to expand its use to certain financial instruments. …