SEC, FASB, PCAOB To Consider Next Steps in Fair Value Guidance

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By Edith Orenstein, FEI Financial Reporting Blog -In closing remarks following SEC’s Roundtable on Fair Value Accounting held earlier today (July 9), SEC Chairman Christopher Cox said, “We heard [that providing] guidance, continued improved guidance from SEC and FASB can perhaps smooth out some of the rough edges in FAS 157, 115, 133 and 159.” He added, “The Commission and staff will meet with FASB and PCAOB to consider next steps, making certain Fair Value accounting truly serves the interest of investors and all users of financial statements.”

[Note: the FASB standards referenced by Cox pertain to: Fair Value Measurements (FAS 157), Accounting for Certain Investments in Debt and Equity Securities (FAS 115), Accounting for Derivative Instruments and Hedging Activities (FAS 133), and The Fair Value Option for Financial Assets and Financial Liabilities (FAS 159).]

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