Fair game – How the fair value option changes the accounting playing field

Description

Abstract: As part of its march toward fair value accounting, the Financial Accounting Standards Board (FASB) recently finalized Statement of Financial Accounting Standards (SFAS) No. 159, The Fair Value Option for Financial Assets and Financial Liabilities, which applies to fiscal years starting after Nov. 15, 2007. Banks now have the option to measure certain financial instruments at fair value.