Fair value – New accounting standard poses financial statement challenges
Abstract: Bankers will be busy measuring the fair value of instruments on their next financial statement as they realize the widespread impact of a new accounting standard. That is because financial statements for fiscal years beginning after Nov. 15, 2007, must comply with FASB’s Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). If you haven’t started familiarizing yourself with the new rule, it’s time to do your homework on how it will affect you.