FEI CCR, U.S. Chamber CCMC File Joint Comment Letter With FASB On Fair Value

Nov. 25, 2008
FEI Summary

On Nov.  25, 2008, a comment letter was sent to the Financial Accounting Standards Board by FEI’s Committee on Corporate Reporting (CCR) and the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC), requesting an additional deferral for the application of Statement of Financial Accounting Standards No. 157 – Fair Value Measurements (FAS 157) to non-financial assets and liabilities.

The letter, co-signed by Arnold Hanish, FEI CCR chair, and Richard Murray, U.S. Chamber CCMC chair, stated that “sufficient time is necessary to analyze the information currently being gathered by the SEC, the FASB and the IASB prior to the broader application of FAS 157 to non-financial assets and liabilities.”

Additionally, the letter makes a formal request for FASB to reexamine FAS 157 in its entirety.

Read the comment letter for full details.

Prepared Nov. 25 by Jen Zeiman, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically stated above.