In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements, which provides enhanced guidance for using fair value measurements in financial reporting. While the standard does not expand the use of fair value in any new circumstances, it has broad and far reaching applicability to more than 40 current accounting standards within GAAP that require (or permit) entities to measure assets and liabilities at fair value.

During this program, panelists will discuss the key aspects of the enhanced fair value framework and the implications the framework is expected to have on current practice.  The panel will address impacts related to both financial instruments (e.g., the nullification of the guidance in footnote 3 of EITF Issue 02-3 and the impact on the recognition of Day 1 Gains and Losses) as well as non-financial instruments (e.g., the consideration of the market participant perspective in valuing assets and liabilities acquired in a business combination).  The panel will also discuss the enhanced disclosure requirements to provide users of financial statements with additional information on the use of fair value measures.