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TheconvergenceworkprogrammesetoutintheMemorandumreflectsthestandard-settingcontextofthe‘roadmap’developedbytheUSSecuritiesandExchangeCommissioninconsultationwiththeIASB,FASBandEuropeanCommissionfortheremovalofthereconciliationrequirementfornon-UScompaniesthatuseIFRSsandareregisteredintheUS. 

Theworkprogrameincludesaprojectonmeasuringfairvalue.

TheFASBhasrecentlyissuedStatementofFinancialAccountingStandardsNo. 

157FairValueMeasurements（SFAS157）,onwhichworkwaswelladvancedbeforetheMemorandumofUnderstandingwaspublished.SFAS157establishesasingledefinitionoffairvaluetogetherwithaframeworkformeasuringfairvalueforUSGAAP. 

TheIASBrecognisedtheneedforguidanceonmeasuringfairvalueinIFRSsandforincreasedconvergencewithUSGAAP. 

Consequently,theIASBdecidedtousetheFASB’sstandardasthestartingpointforitsdeliberations. 

Asthefirststageofitsproject,theIASBispublishinginthisdiscussionpaperitspreliminaryviewsontheprincipalissuescontainedinSFAS157.

TheIASBplanstoholdround-tablemeetingsonthisdiscussionpaperinconjunctionwiththedevelopmentofanexposuredraft.PleaseindicateinyourresponsetothisInvitationtoCommentifyouareinterestedintakingpartinaround-tablemeeting. 

Pleasenotethat,becauseoftimingandspaceconstraints,notallofthoseindicatinganinterestmaybeabletotakepart.

TheIASBwillconsiderresponsestothisInvitationtoCommentandtherelatedround-tablediscussionsindevelopinganexposuredraftofanIFRSonfairvaluemeasurement. 

TheexposuredraftwillbepreparedspecificallyforapplicationtoIFRSs. 

AlthoughprovisionsofSFAS157maybeusedinthepreparationofanexposuredraft,theymayberewordedoralteredtobeconsistentwithotherIFRSsandtoreflectthedecisionsoftheIASB. 

TheIASBplanstopublishanexposuredraftbyearly2008.

InNovember2005theIASBpublishedforcommentadiscussionpaper,MeasurementBasesforFinancialAccounting–MeasurementonInitialRecognition,writtenbythestaffoftheCanadianAccountingStandardsBoard.Althoughthatpapercontainedadiscussionoffairvalue,itsprimarypurposewastodiscusswhichmeasurementattributeswereappropriateforinitialrecognition.ThatpaperispartoftheongoingConceptualFrameworkprojectthatseekstoestablish,amongotherthings,aframeworkformeasurementinfinancialreporting. 

Becauseofthedifferentscopeandintentofthatpaper,itisnotdiscussedinthisdiscussionpaper. 

However,commentsonthatdiscussionpaperrelatingtothemeasurementoffairvaluewillbeconsideredinthedevelopmentoftheexposuredraftofanIFRSonfairvaluemeasurementaswellasintheConceptualFrameworkproject.Issue1. 

SFAS157andfairvaluemeasurementguidancein 

currentIFRSs

IFRSsrequiresomeassets,liabilitiesand 

equityinstrumentsto 

bemeasuredatfairvalueinsomecircumstances. 

However,guidanceonmeasuringfairvalueisdispersedthroughoutIFRSsandisnotalwaysconsistent. 

TheIASBbelievesthatestablishingasinglesourceofguidanceforallfairvaluemeasurementsrequiredbyIFRSswillbothsimplifyIFRSsandimprovethequalityoffairvalueinformationincludedinfinancialreports. 

AconcisedefinitionoffairvaluecombinedwithconsistentguidancethatappliestoallfairvaluemeasurementswouldmoreclearlycommunicatetheobjectiveoffairvaluemeasurementandeliminatetheneedforconstituentstoconsiderguidancedispersedthroughoutIFRSs.

TheIASBemphasisesthattheFairValueMeasurementsprojectisnotameansofexpandingtheuseoffairvalueinfinancialreporting. 

Rather,theobjectiveoftheprojectistocodify,clarifyandsimplifyexistingguidancethatisdispersedwidelyinIFRSs. 

However,inordertoestablishasinglestandardthatprovidesuniformguidanceforallfairvaluemeasurementsrequiredbyIFRSs,amendmentswillneedtobemadetotheexistingguidance. 

AsdiscussedfurtherinIssue2,theamendmentsmightchangehowfairvalueismeasuredinsomestandardsandhowtherequirementsareinterpretedandapplied.

InsomeIFRSstheIASB（oritspredecessorbody）consciouslyincludedmeasurementguidancethatresultsinameasurementthatistreatedasifitwerefairvalueeventhoughtheguidanceisnotconsistentwiththefairvaluemeasurementobjective. 

Forexample,paragraphB16ofIFRS3BusinessCombinationsprovidesguidancethatisinconsistentwiththefairvaluemeasurementobjectivefor 

itemsacquired 

inabusinesscombinationsuchastaxassets,taxliabilitiesandnetemployeebenefitassetsorliabilitiesfordefinedbenefitplans. 

Furthermore,someIFRSscontainmeasurementreliabilitycriteria. 

Forexample,IAS16Property,PlantandEquipmentpermitstherevaluationmodeltobeusedonlyiffairvaluecanbemeasuredreliably 

Thisprojectwillnotchangeanyofthatguidance. 

Rather,thatguidancewillbeconsideredprojectbyproject. 

However,theIASBplanstousetheFairValueMeasurementsprojecttoestablishguidancewheretherecurrentlyisnone,suchasinIAS17Leases,aswellastoeliminateinconsistentguidancethatdoesnotclearlyarticulateasinglemeasurementobjective.

BecauseSFAS157establishesasinglesourceofguidanceandasingleobjectivethatcanbeappliedtoallfairvaluemeasurements,theIASBhasreachedthepreliminaryviewthatSFAS157isanimprovementonthedisparateguidanceinIFRSs. 

However,asdiscussedinmoredetailbelow,theIASBhasnotreachedpreliminaryviewsonallprovisionsofSFAS157.Issue2. 

DifferencesbetweenthedefinitionsoffairvalueinSFAS157andinIFRSs

Paragraph5ofSFAS157definesfairvalueas‘thepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.’Bycomparison,fairvalueisgenerallydefinedinIFRSsas‘theamountforwhichanassetcouldbeexchanged,oraliabilitysettled,betweenknowledgeable,willingpartiesinanarm’slengthtransaction’（withsomeslightvariationsin 

wordingindifferentstandards）.ThedefinitioninSFAS157differsfromthedefinitioninIFRSsinthreeimportantways:

（a）ThedefinitioninSFAS157isexplicitlyanexit（selling）price.ThedefinitioninIFRSsisneitherexplicitlyanexitpricenoranentry（buying）price.

（b）ThedefinitioninSFAS157explicitlyreferstomarketparticipants.ThedefinitioninIFRSsreferstoknowledgeable,willingpartiesinanarm’slengthtransaction.

（c）Forliabilities,thedefinitionoffairvalueinSFAS157restsonthenotionthattheliabilityistransferred（theliabilitytothecounterpartycontinues;

itisnotsettledwiththecounterparty）.ThedefinitioninIFRSsreferstotheamountatwhichaliability

couldbesettledbetweenknowledgeable,willingpartiesinanarm’slengthtransaction.

Thesedifferencesarediscussedinmoredetailbelow.Issue2A. 

Exitpricemeasurementobjective

TheBasisforConclusionsofSFAS157includesthefollowingdiscussion:

C26Thetransactiontoselltheassetortransfertheliabilityisahypotheticaltransactionatthemeasurementdate,consideredfromtheperspectiveofamarketparticipantthatholdstheassetorowestheliability. 

Therefore,theobjectiveofafairvaluemeasurementistodeterminethepricethatwouldbereceivedfortheassetorpaidtotransfertheliabilityatthemeasurementdate,thatis,anexitprice.TheBoard[FASB]concludedthatanexitpriceobjectiveisappropriatebecauseitembodiescurrentexpectationsaboutthefutureinflowsassociatedwiththeassetandthefutureoutflowsassociatedwiththeliabilityfromtheperspectiveofmarketparticipants. 

TheemphasisoninflowsandoutflowsisconsistentwiththedefinitionsofassetsandliabilitiesinFASBConceptsStatementNo.6,ElementsofFinancialINVITATIONTOCOMMENTStatements.Paragraph25ofConceptsStatement6definesassetsintermsoffutureeconomicbenefits（futureinflows）.Paragraph35ofConceptsStatement6definesliabilitiesintermsoffuturesacrificesofeconomicbenefits（futureoutflows）.

Paragraph49oftheIASB’sFrameworkforthePreparationandPresentationofFinancialStatementssimilarlydefinesassetsandliabilitiesintermsofinflowsandoutflowsofeconomic 

benefits. 

ThemajorityofIASBmembersbelievethatafairvaluemeasurementwithanexitpriceobjectiveisconsistentwiththesedefinitionsandisappropriatebecauseitreflectscurrentmarket-basedexpectationsofflowsofeconomicbenefitintooroutoftheentity.

OtherIASBmembersagreewiththisview,butintheirviewanentrypricealsoreflectscurrentmarket-basedexpectationsofflowsofeconomicbenefitintooroutoftheentity. 

Therefore,theysuggestreplacingtheterm‘fairvalue’withtermsthataremoredescriptiveofthemeasurementattribute,suchas‘currententryprice’or‘currentexitprice’.

AnentrypricemeasurementobjectivewoulddifferfromtheexitpriceobjectiveinSFAS157inthatitwouldbedefinedasthepricethatwouldbepaidtoacquireanassetorreceivedtoassumealia