At its board meeting earlier today, FASB authorized its staff to proceed to ballot draft on a proposed Accounting Standards Update on Improvements to Fair Value Disclosures. [ASU is the new term used by FASB for proposed changed to U.S. Generally Accepted Accounting Principles, which as of July 1 are contained in FASB’s Codification.] The proposed effective date will be reporting periods (annual or interim) ending after 12/15/2009 except for Level 3 sensitivity disclosures which would be effective for reporting periods (annual or interim) ending after 03/15/2010. Staff expects to have the proposed ASU ready for release by the end of August, and there will be a 45-day comment period.
Also at today's FASB meeting, the board agreed to proceed with a proposed ASU to conform oil and gas reporting to the SEC’s final rule on that topic issued last year. The effective date of the proposed ASU would be annual reporting periods ending on or after December 31, 2009. Early application would not be permitted.
Separately, agreed to finalize an ASU on fair value of alternative investments, after discussing comments received on the related proposed FSP No. 157-g. The board agreed the final ASU would be effective at year-end (specifically, periods ending after Dec. 15, 2009), with early adoption permitted.
For the official results of the FASB meeting, refer to FASB's Summary of Board Decisions. For additional commentary about the board's discussion of proposed fair value disclosures, including a requirment for sensitivity analysis of 'level 3' information, read here.