In recent years, FASB has been taking the lead in fair value measurements research. In September 2006, FASB issued SFAS No. 157, fair value measurements, which are the first and the most comprehensive accounting standard about fair value. The standard lays a substantial basis for the application of fair value, gives us beneficial enlightenment and urges us to take actual actions to deal with issues related to fair value measurements. In this paper, I review the evolution of fair value measurements, analyze the main content of Statement 157 and give comments on future research.
Caifeng Zhang (Mon,) studied this question.