NEWS RELEASE 01/16/07
FASB Seeks Constituent Views on Valuation Guidance
Norwalk, CT, January 16, 2007—In step with its mission to improve and enhance the quality, consistency, and comparability of financial statements, the FASB is seeking constituent perspective on the topic of valuation guidance in financial reporting.
Through an Invitation to Comment (ITC) issued yesterday, the FASB is asking constituents to provide views on whether additional and more specific valuation guidance is needed in financial reporting as well as the process for developing that guidance. The ITC also asks for constituent perspectives about the extent to which the FASB or other organizations should be responsible for developing guidance on valuation issues that translate into financial reporting matters.
“Through this ITC, the Board wants to ascertain whether and how valuation guidance can be improved to enhance the quality of financial information presented to investors and other users of financial statements,” said Paul Beswick, FASB project manager. “Therefore it believes that public input on this subject is warranted.”
The ITC is available on the FASB’s website, www.fasb.org. All parties interested in submitting written comment on this issue must do so by April 15, 2007.
The FASB also will be holding a public roundtable in April 2007 to discuss the issues in the ITC. Interested parties that wish to participate in the roundtable should contact Paul Beswick at firstname.lastname@example.org or 203-956-3453.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.