Highlights of the 2008 AICPA National Conference on Current SEC and PCAOB Developments
Annually, the American Institute of Certified Public Accountants (AICPA) hosts a conference featuring speeches by, and question-and-answer sessions with, members of the SEC, PCAOB, FASB, IASB and professionals from various industries. The attached issue of Deloitte’s Heads Up extracts key insights from nearly 26 hours of material presented during this year’s AICPA National Conference on [...]
The FASB decided to amend FAS 157 to exclude FAS 13, Accounting for leases and its related interpretive accounting pronouncements that address leasing transactions. The exclusion does not apply to fair value measurements of assets and liabilities recorded as a result of a lease transaction but measured pursuant to other pronouncements within the scope of [...]
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FAS 157, “Fair Value Measurements” (FAS 157), offers enhanced guidance for using fair value to measure assets and liabilities. It provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities. FAS 157 specifies a hierarchy whereby [...]
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