Separately, in a letter filed with FASB yesterday by FEI’s Committee on Corporate Reporting (CCR) and the U.S. Chamber of Commerce Center for Capital Market Competitivenes (CCMC), the two groups asked FASB to further delay the application of FAS 157 to nonfinancial assets and liabilities, and urges the board to consider related implications in FAS 141R, Business Combinations. Additionally, the letter makes a formal request under FASB’s Rules of Procedure for FASB to reconsider some aspects of FAS 157 in light of information learned about application of the standard during the credit crisis.
Also yesterday, FASB and the IASB held the second in their series of three joint roundtables on accounting issues arising in the financial crisis. Among the primary questions raised to panelists were impairment triggers and fair value measurement.
Read more about these developments here.