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FASB votes not to delay FAS 157

 

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During today's open meeting of the Financial Accounting Standards Board, the members discussed the application of FASB Statement No. 157, Fair Value Measurements and considered deferring the current effective date.

My partner Alex Hodgkin, who is in Connecticut today at the quarterly Appraisal Issues Task Force meeting, received word that the FASB voted 4 to 3 NOT to delay compliance with FAS 157, at least on a blanket basis. It looks like the effective date of November 15, 2007 will stand.

However, as David Reilly wrote in the WSJ following the announcement, the FASB did leave the door open "to defer... perhaps to private companies who follow generally accepted accounting principles."

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