Status of Statement No. 159

The Fair Value Option for Financial Assets and Financial Liabilities—Including an amendment of FASB Statement No. 115


February 2007

Effective Date:
As of the beginning of each reporting entity’s first fiscal year that begins after November 15, 2007; this Statement should not be applied retrospectively to fiscal years beginning prior to the effective date, except as permitted in paragraph 30 for early adoption.

Amends APB 21, paragraph 16
Amends FAS 57, paragraph 24(f)
Amends FAS 95, paragraphs 15 through 17 and footnote 8c
Effectively amends FAS 95, footnote 5
Amends FAS 102, paragraph 8
Amends FAS 115, paragraphs 4, 17, and 18
Effectively amends FAS 123(R), paragraph E1
Amends FAS 124, paragraph 6
Amends FAS 133, paragraphs 42 and 44A
Effectively amends FAS 140, paragraph 364
Effectively amends FAS 141, paragraph F1

Affected by:
Paragraph 10 amended by FAS 141(R), paragraph E4(a)

Issues Discussed by FASB Emerging Issues Task Force (EITF)

No EITF Issues

Interpreted by:
No EITF Issues

Related Issues
EITF Issue No. 08-5 and Topic No. D-98

Abbreviations for Accounting Pronouncements
FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides