The International Accounting Standards Board (IASB) published an exposure draft on fair value measurement. If adopted, the proposals would replace fair value measurement guidance contained in individual IFRS with a single, unified definition of fair value, as well as further authoritative guidance on the application of fair value measurement in inactive markets. The proposals deal with how fair value should be measured when it is already required by existing standards but do not extend its use. To ensure consistency between IFRS and U.S. GAAP, the proposals incorporate recent guidance on fair value measurement published by FASB. Comments are due by Sept. 28. The ED is available in the “Open to Comment” section at iasb.org.
The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) published two exposure drafts, ED 40, Intangible Assets, and ED 41, Entity Combinations from Exchange Transactions. The exposure drafts are part of the IPSASB’s program that will substantially converge International Public Sector Accounting Standards (IPSASs) with IFRS by the end of 2009. Comments on EDs 40 and 41 are due by Aug. 15. The EDs may be viewed at ifac.org/EDs.