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FASB Passes on Fair Value Definition Project

A project to amend the “readily determinable fair value” definition will not be taken up by the Financial Accounting Standards Board (“FASB”). In a 6-1 vote at its March 1 meeting, the FASB declined adding the project to the board’s standard-setting agenda. FASB Vice Chairman James Kroeker said efforts to clarify the definition are unnecessary, but Chairman Russell Golden encouraged staff members to follow up with critics who raised concerns about the definition.

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