FASB finally got off their asses and published some extended guidance on adoption of fair value reporting for assets for which there may not be a market. How the hell do you do that? Here is an article I caught on Bloomberg.
FASB Staff Position 157-3 addresses the following:
- Use of cash flow assumptions
- Broker quotes for comps
- Other observable inputs
Good luck trying to implement…waiting to see how the Big 4 comment.
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