SEC & FASB clarify 157
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This afternoon the Chairman of the SEC, together with FASB staff, released a short document to clarify the application of FASB Statement No. 157, "Fair Value Measurements." The guidance provides clarification on the use of broker quotes and financial models, application to illiquid markets, and additional information relating to impairments.
(Download the PDF in the box to the right.)
The FASB is soon expected to issue further interpretive guidance on the application of fair value.