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FASB rejects fair value disclosure plan
WASHINGTON (1/26/09)—The Financial Accounting Standards Board (FASB) decided not to finalize a proposed FASB Staff Position (FSP) on FAS No. 107, regarding disclosures for financial instruments. The proposal would have required disclosures based on fair value and on "incurred loss amounts." FASB stated, however, that it will issue a new proposed FSP that would require disclosures of fair value measurements for financial instruments within the scope of FAS 107, Disclosures about Fair Value of Financial Instruments. Additionally, the proposed FSP would reiterate qualitative disclosure requirements in Statement No. 107 and FASB Statement No. 157, Fair Value Measurements, according to the Board. The Board indicated that the new proposed FSP would not require disclosures for “incurred loss” amounts. The proposed FSP is expected to be released sometime this week and will be open for a 30-day comment period. The proposal would apply for interim and annual periods ending after March 15, 2009.


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