FASB 157 Standard – Fair Value Measurements

May 19th, 2015
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Sam Houston State University
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FASB has issued several statements for improving the information provided in financial reporting. Taken individually each newly required disclosure provides some additional useful information to readers of financial statements.

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IntroductionAccounting is something beyond being just an unbiased procedure which serves just as a means to record the past transactions. On the contrary it is a tool that influences the hopeful decisions that organizations are intended to take in the near future. A point that is apt to be noted here is that accounting, apart from influencing the prospective organizational decision also includes the possible consequences of such decisions. The study of Accountancy has its own structural design which actually forms the basis for the entire system and the same is popularly known as the Generally Accepted Principles or in short called the GAAP, International Accounting Standards otherwise known as the IAS, and US GAAP etc, that form the theoretical foundation of the subject[ CITATION ICF042 \l 1033 ].Experts however feel that in this process of summarization, the true meaning and content of vital financial information may be diluted or lost. Because of lack of well laid out procedures, rules and regulations for financial reporting, experts felt that the accompanying graphs, pie charts etc, tend to overplay the accomplishment of the company for the year in respect of which the annual report is prepared and downplay things which have not gone on very well during that period. This has paved way for Financial Accounting Standard Board (FASB) to issue a series of statements on financial reporting concepts. FASB 157 Standard Fair Value MeasurementsFASB has issued sever

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