IASB publishes fair value findings...

Fair value accounting guidance set out by the US Financial Accounting Standards Board (FASB) is consistent with that published by the International Accounting Standards Board (IASB). Read original article.

That is the conclusion of a review by the IASB aimed at ensuring consistency in the way such rules are applied.

Following the accelerated 30-day consultation on the issue, relevant guidance from the FASB's Staff Positions on fair value measurement will be included when the IASB publishes an exposure draft on the same subject next month.

Sir David Tweedie, IASB chairman, said: "We have heard a clear and consistent message on financial instruments accounting - fix this once, fix it comprehensively, and fix it in an urgent and responsible manner."

This is why the IASB has set out a six-month timetable for replacing current standards relating to the subject, he added.

Earlier this month, the FASB launched two draft proposals aimed at improving guidance relating to fair value measurement and impairments.