The IASB and FASB are working on a joint convergence project on fair value measurement and disclosure and are in general agreement on what fair value means and how to measure it.

Question

Quizplus · Accepted Answer

The statement is true. The IASB and FASB have been working together on a joint project to converge their accounting standards on fair value measurement and disclosure. They have expressed general agreement on the definition of fair value and the methods for measuring it.

The IASB and FASB Are Working on a Joint Convergence