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- Title
Standard Establishes Framework for Measuring Fair Value.
- Authors
Clemmons, D.
- Abstract
The article talks about the new Financial Accounting Standards Board standard, Statement of Financial Accounting Standards No. 157, Fair Value Measurements, which provides enhanced guidance for using fair value to measure assets and liabilities. When other standards require, or permit, assets or liabilities to be measured at fair value, the standard applies. Fair value has been defined as the price that would be received to sell an asset or paid to transfer liability.
- Subjects
FINANCIAL Accounting Standards Board; ACCOUNTING standards; ASSETS (Accounting); LIABILITIES (Accounting); FAIR value
- Publication
Internal Auditor, 2006, Vol 63, Issue 6, p15
- ISSN
0020-5745
- Publication type
Article