The Staff Position amends FASB Statement No. 157, Fair Value Measurements, to provide application guidance for investment companies that have calculated net asset value per share in accordance with the AICPA Audit.
The FASB Staff Position amends FASB Statement No. 157, Fair Value Measurements, to provide application guidance for estimating the fair value of investments in investment companies that have calculated net asset value per share, in accordance with the AICPA Audit and Accounting Guide, Investment Companies.
Investment companies would have the option of applying the proposed amendment to SFAS No. 157, Fair Value Measurements, but they would not be required to do so, the FASB said.
The board said it decided not to make the guidance a required rule because it did not want to create a conflict with the "good faith" requirements of SEC regulations.
Deadline for comments is 8 July 2009.
© FASB
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FASB staff paper on fair value.pdf
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