On January 15, 2007, the FASB issued an Invitation to Comment – “Valuation Guidance for Financial Reporting”. The purpose of the Invitation to Comment is to solicit comments from interested constituents about the need, if any, for valuation guidance, including related implementation guidance for financial reporting; the specificity of this valuation guidance; and the duration of standard-setting activities. The Board is also interested in getting feedback from constituents to determine if it should be the only regulatory body involved with providing such guidance. See a copy of the Invitation to Comment below. IMA’s Financial Reporting Committee submitted a comment letter that addressed all of the pertinent issues in the FASB’s Invitation to Comment about Valuation Guidance for Financial Reporting. A copy of the comment letter can be found on IMA’s website under the Professional Advocacy section: Financial Reporting Committee Position Letters.
The FASB plans to form a resource group that will provide guidance to the board to address issues that have an impact on the valuation industry. The decision to develop the group was based on feedback the board received from constituents for their Invitation to Comment for Valuation Guidance. IMA is in the process of submitting a nomination for someone to represent the organization by serving on this resource group. The board expects to hold the first resource group meeting during the third quarter of 2007.
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