FASB reaffirmed FAS 157, saying it essentially the same as it has always been but also came out with the following change regarding fair value disclosures for any financial instruments that are not currently reflected on the balance sheet of companies at fair value:
The current rule is that fair values for these assets and liabilities are only disclosed once a year. The Board voted yesterday that these disclosures should be required on a quarterly basis, providing qualitative and quantitative information about fair value estimates for all those financial instruments not measured on the balance sheet at fair value. For commercial banks, one financial asset impacted by this is loans, which will now have disclosures about their fair value every quarter.
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