In September 2006 the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS157), which is effective for fiscal years beginning after November 15, 2007. This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. This Statement affected or amended a number of previous APB and FASB statements, access to which is described below.

Below is a link to the FASB Web site where the Statement of Financial Accounting Standards No. 157, Fair Value Measurements, is located. As a condition of access to the FASB Web site, the following copyright information should be understood:

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Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS157)

At the date of issuance of FAS157, the following list of APB and FASB pronouncements which referred to fair value existed. Those pronouncements that were amended by FAS157 are indicated by an asterisk. The amendments can be found in Appendix E of FAS157.

Opinion 18               The Equity Method of Accounting for Investments in Common Stock

Opinion 21*             Interest on Receivables and Payables

Opinion 28*             Interim Financial Reporting

Opinion 29*             Accounting for Non-monetary Transactions

Statement 13*         Accounting for Leases

Statement 15*         Accounting by Debtors and Creditors for Troubled Debt Restructurings

Statement 19*         Financial Accounting and Reporting by Oil and Gas Producing Companies

Statement 23           Inception of the Lease

Statement 28           Accounting for Sales with Leasebacks

Statement 35*         Accounting and Reporting by Defined Benefit Pension Plans

Statement 45           Accounting for Franchise Fee Revenue

Statement 60*         Accounting and Reporting by Insurance Enterprises

Statement 61           Accounting for Title Plant

Statement 63*         Financial Reporting by Broadcasters

Statement 65*         Accounting for Certain Mortgage Banking Activities

Statement 66           Accounting for Sales of Real Estate

Statement 67*         Accounting for Costs and Initial Rental Operations of Real Estate Projects

Statement 68           Research and Development Arrangements

Statement 84           Induced Conversions of Convertible Debt

Statement 87*         Employers’ Accounting for Pensions

Statement 98           Accounting for Leases

Statement 106*       Employers’ Accounting for Postretirement Benefits Other Than Pensions

Statement 107*       Disclosures about Fair Value of Financial Instruments

Statement 114         Accounting by Creditors for Impairment of a Loan

Statement 115*       Accounting for Certain Investments in Debt and Equity Securities

Statement 116*       Accounting for Contributions Received and Contributions Made

Statement 124*       Accounting for Certain Investments Held by Not-for-Profit Organizations

Statement 126         Exemption from Certain Required Disclosures about Financial Instruments for Certain Nonpublic Entities

Statement 133*       Accounting for Derivative Instruments and Hedging Activities

Statement 136*       Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others

Statement 138         Accounting for Certain Derivative Instruments and Certain Hedging Activities

Statement 140*       Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities

Statement 141*       Business Combinations

Statement 142*       Goodwill and Other Intangible Assets

Statement 143*       Accounting for Asset Retirement Obligations

Statement 144*       Accounting for the Impairment or Disposal of Long-Lived Assets

Statement 146*       Accounting for Costs Associated with Exit or Disposal Activities

Statement 149         Amendment of Statement 133 on Derivative Instruments and Hedging Activities

Statement 150*       Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity

Statement 153         Exchanges of Non-monetary Assets

Statement 156*       Accounting for Servicing of Financial Assets

Interpretation 9        Applying APB Opinions No. 16 and 17 When a Savings and Loan Association or a Similar Institution Is Acquired in a Business Combination Accounted for by the Purchase Method

Interpretation 23      Leases of Certain Property Owned by a Governmental Unit or Authority

Interpretation 24      Leases Involving Only Part of a Building

Interpretation 45*    Guarantor’s Accounting and Disclosure Requirements for Guarantees