BC9 The IASB and the FASB began developing their fair value measurement standards separately.
BC10 The FASB began working on its fair value measurement project in June 2003. In September 2005, during the FASB’s redeliberations on the project, the IASB added to its agenda a project to clarify the meaning of fair value and to provide guidance for its application in IFRSs.
BC11 In September 2006 the FASB issued SFAS 157 (now in Topic 820). Topic 820 defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements.
BC12 In November 2006 as a first step in developing a fair value measurement standard, the IASB published a discussion paper Fair Value Measurements. In that discussion paper, the IASB used SFAS 157 as a basis for its preliminary views because of the consistency of SFAS 157 with the existing fair value measurement guidance in IFRSs and the need for increased convergence of IFRSs and US GAAP. The IASB received 136 comme
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