Which of the following is not an important aspects of SFAS No.157 FASB ASC 820)?
A)A new definition of fair value.
B)A requirement that all assets and liabilities are to be measured at their fair value.
C)A fair value hierarchy used to classify the source of information used in fair value measurements for example,market based or nonmarket based).
D)New disclosures of assets and liabilities measured at fair value based on their level in the hierarchy.

Question

Quizplus · Accepted Answer

SFAS No.157 FASB ASC 820 does not require all assets and liabilities to be measured at their fair value. It provides guidance on how to measure fair value and how to disclose fair value measurements. The fair value hierarchy and new disclosures of assets and liabilities measured at fair value based on their level in the hierarchy are important aspects of SFAS No.157 FASB ASC 820. The new definition of fair value is also an important aspect, as it provides a clear and concise explanation of what fair value means.

Which of the Following Is Not an Important Aspects of SFAS