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Ever since the Financial Accounting Standards Board shifted to a fair value approach to financial instruments, which began in 1986 with the Financial Instruments Project, the FASB has incorporated fair value approaches to measurement and recognition to virtually all the new accounting standards since the beginning of the 1990s. Some assets and liabilities are measured at historic cost, others at fair value.

Today, this mixed-attribute accounting has contributed to some confusion and complexity of the financial reporting model. The need for standards in the fair value methodology has never been more apparent.

The changes to accounting standards introduced by the International Accounting Standards Board are suddenly beginning to influence the shape of US GAAP. This influence has been brought about by a recent reorganization of the international standards development structure and process, and the dramatic growth of international trade and companies conducting business and operations on a global scale. For this very reason, Financial Standards® is continuously monitoring developments on both the international and US domestic fronts.