In January 2007, the FASB issued an Invitation to Comment, Valuation Guidance for Financial Reporting, seeking views from constituents on the need, if any, for valuation guidance related to the use of fair value measurements in financial reporting; who should be involved in developing any such valuation guidance; and the process and form of any such guidance-setting activities. Over 80 comment letters were received and posted to the FASB website.

Based on the feedback received through this process and consistent with its mission to improve and enhance the quality, consistency, and comparability of financial reporting, FASB plans to form a resource group. This group will provide the board with input on potential clarifying guidance on issues relating to the application of the principles of FASB Statement No. 157, Fair Value Measurements, to fair value information required or permitted under U.S. GAAP. Read the full press release here [link to Press Release].