Refining Fair Value Measurement
Financial Accounting Standards Board (FASB) issued a standard in fall 2006 with the understated title Fair Value Measurements. On one hand, FASB Statement no. 157 appears to shake the foundation of historical cost measurement. On the other, it appears innocuous because it does not compel greater use of fair values. CPA's should quickly acquaint themselves with the new rule, since it becomes effective for annual statements for fiscal years beginning after Nov 15, 2007, and for interim reports prepared in that initial fiscal year.
Miller, Paul B. W. and Bahnson, Paul R.. (2007). "Refining Fair Value Measurement". Journal of Accountancy, 204(5), 30-32, 34, 36.