New Fair Value Standard -- Statement 157

The Financial Accounting Standards Board has issued a new fair value standard with the goal of "increased consistency and comparability in fair value measurements and for expanded disclosures about fair value measurements."  See Summary of Statement 157.  Among other changes, the Statement creates a single definition of fair value, establishes a framework for measuring fair value in GAAP, and requires additional disclosures about fair value measurements.  Banks will need to implement Statement 157 into their financial statements and should thus pay close attention to Statement 157.  For an excellent summary of what financial institutions need to know about Statement 157, see Vol. 19, No. 6 of Currency, a periodical published by Grant Thorton LLP, available here.