To the Point - Disclosure relief proposed for certain nonpublic employee benefit plans
The FASB has proposed indefinitely deferring the requirement that a nonpublic employee benefit plan disclose quantitative information about the unobservable inputs used to measure the fair value of an equity investment in its nonpublic sponsor. Comments are due by 31 May 2013.

Comment letter - FASB proposal to clarify the scope of a fair value disclosure for nonpublic entities
We agreed with the FASB’s proposal to amend ASC 825 to clarify that nonpublic entities are not required to disclose the fair value hierarchy level for items that are not measured at fair value on the statement of financial position but for which fair value is disclosed. We also recommended that the FASB subsequently address the overlap in ASC 825 and ASC 820 regarding this disclosure requirement as well as situations where terms such as “nonpublic entity” have multiple definitions in the glossary of the Codification.

The new fair value disclosures: A snapshot of how public companies adopted the requirements of ASU 2011-04
In accordance with ASU 2011-04, public companies were required to provide several new fair value measurement disclosures in their quarterly filings for periods ending 31 March 2012. Ernst & Young reviewed the fair value disclosures provided by 60 public companies across various industries in order to gain insights into how companies adopted the new requirements. The results of our analysis are presented in this publication.

Financial Reporting Developments - Fair value measurement
The FASB and IASB substantially converged their fair value measurement guidance through the issuance of ASU 2011-04 and IFRS 13 respectively. We have updated this FRD to address the amendments made by ASU 2011-04. While many of the amendments are clarifying in nature, others represent changes to existing principles or additional disclosure requirements. This publication is designed to assist you in interpreting the principles-based fair value framework and includes industry-specific guidance in the publication’s appendix.

Technical Line - More focus needed on fair value information from third-party pricing sources
Regulators at the SEC and PCAOB are increasing their focus on the valuation of investments, especially the use of information from third-party pricing sources for securities for which there is no active market. Our Technical Line publication highlights some of the recent regulatory initiatives in this area and tells you what you need to know about your company’s use of third-party pricing sources to support valuations of investments.

Technical Line - Fair value measurement - A closer look at the converged guidance
The FASB and IASB have issued converged guidance on fair value measurements and disclosures. The new guidance provides companies around the world with a uniform framework for applying the principles of fair value measurement. While many of the amendments clarify the current requirements, certain changes could have significant effects on some companies. Our Technical Line publication, which is written from a US GAAP perspective, takes a closer look and provides our views on the key amendments and clarifications, including the new disclosure requirements.

To the Point - Fair value measurement guidance converges
The FASB and IASB issued converged guidance on fair value measurements and disclosures. From a US GAAP perspective, the amendments are largely clarifying in nature, but some could have a significant effect on companies. A number of new disclosures are also required. Our To the Point summarizes the new guidance.

Hot Topic - Highlights of Valuation Resource Group meeting
Our Hot Topic provides a summary of the issues discussed by the VRG at the 1 November 2010 meeting.

Hot Topic - FASB proposes amendments to converge fair value guidance
Our Hot Topic provides an overview of the FASB's proposed ASU that would amend the fair value measurement and disclosure guidance in Accounting Standards Codification Topic No. 820 to converge US GAAP and IFRS requirements for measuring amounts at fair value as well as disclosures about these measurements.

Hot Topic - FASB issues new guidance on fair value measurements and disclosures
Our Hot Topic summarizes the FASB's new fair value rules that will require entities to disclose additional information regarding assets and liabilities that are transferred between levels of the fair value hierarchy.

Hot Topic - Application of FASB Statement No. 157 to investments in hedge funds
Our Hot Topic discusses considerations in applying Statement 157 to investments made in unregistered alternative investments, commonly referred to as hedge funds.

Technical Line - Application of FASB Statement No. 157 to private equity
Our Technical Line has been updated to incorporate the practical expedient to estimate the fair value of certain alternative investments using net asset value (NAV) provided for in FASB ASU 2009-12.

Comment Letter - Proposed ASU: Improving disclosures about fair value measurements
This comment letter provides our views on the FASB's proposal to improve disclosures related to fair value.

Hot Topic - FASB issues ASU on measuring fair value of alternative investments
Our Hot Topic summarizes the FASB's new rule providing additional guidance on measuring the fair value of certain alternative investments. As a practical expedient, the rule allows an entity within its scope to estimate the fair value of investments within the scope using the net asset value (NAV) per share of the investment as of the reporting entities’ measurement dates.

Hot Topic - FASB issues proposal on disclosures about fair value measurements
Our Hot Topic summarizes the FASB proposal that would require additional disclosures regarding recurring and non-recurring fair value measurements

Hot Topic - FASB issues ASU 2009-05 on measuring liabilities at fair value
Our Hot Topic summarizes the FASB's guidance on several key issues regarding the estimate of fair value for liabilities. The guidance addresses restrictions on the transfer of a liability, and clarifies how the price of a traded debt security (i.e., an asset value) should be considered in estimating the fair value of the issuer’s liability.

Hot Topic - FASB Issues Proposed FSP on fair value of alternative investments
Our Hot Topic summarizes a proposed FSP under which a reporting entity would be permitted, as a practical expedient, to estimate the fair value of certain alternative investments using the net asset value (NAV) per share of the investment. The proposed FSP also requires additional disclosures to help financial statement users better understand the nature and risks of the reporting entity’s alternative investments.

Comment Letter - Proposed FSP FAS 157-f on measuring liabilities under FAS 157
This comment letter provides our views of the proposed FSP on measuring liabilities under FASB Statement No. 157.

Technical Line - Fair value considerations: Statement 157
Our Technical Line highlights key changes in practice that are likely to occur when applying the fair value principles in Statement 157 to certain nonfinancial assets and liabilities.

Hot Topic - FASB issues FSPs 157-4 and 107-1 on fair value measurements and disclosures
This Hot Topic summarizes the recent FASB FSP No. FAS 157-4, that amends Statement 157 to provide additional guidance on estimating fair value when the volume and level of activity for an asset or liability have significantly decreased in relation to normal market activity for the asset or liability.

Comment Letter - Proposed amendments to the disclosure requirements in FASB Statement No. 107, Disclosures about Fair Value of Financial Instruments
This comment letter expresses our views on the proposed FSP to amend FAS 107 to require fair value disclosures in interim financials.

Hot Topic - Valuation Resource Group holds public meeting with FASB
Our Hot Topic summarizes the first open meeting between the Valuation Resource Group and the FASB.

Technical Line - Accounting for guaranteed debt under EITF Issue No. 08-5, "Issuer’s Accounting for Liabilities Measured at Fair Value with a Third Party Credit Enhancement"
Our Technical Line discusses the concepts of EITF Issue 08-5 and illustrates journal entries for guaranteed debt accounted for at fair value.

Hot Topic - SEC hosts second roundtable on the use of fair value
Our Hot Topic summarizes the SEC's second roundtable on the use of fair value accounting.

Hot Topic - SEC hosts first roundtable on fair value accounting
Our Hot Topic summarizes the first of two roundtables hosted by the SEC to discuss fair value accounting and the recent period of market turmoil.

Hot Topic - Fair value measurements in the life insurance industry
Our Hot Topic focuses on issues related to the implementation of the new FASB standard on business combinations under Statement 141(R).

Hot Topic - Fair value measurements disclosures
Our Hot Topic addresses a number of frequently asked questions related to the disclosure requirements of Statement 157 and supplements the general application and interpretive guidance in our FRD on Statement 157.

Hot Topic - Fair value measurements in the banking industry
Our Hot Topic addresses a number of frequently asked questions related to the use of fair value in the banking industry. It also addresses certain questions related to the application of Statement 159 on the fair value option.

Comment Letter - Proposed FSP FAS 157-e and FSP FAS 115-a
This comment letter provides our views on the proposals that would change fair value and OTTI reporting.