Valuation for Financial Reporting : Fair Value Measurements and ...

Endnotes 172. Financial Accounting Standards Board, FASB Project Update, Conceptual Framework—Joint Project of the IASB and FASB, Objectives, Revisions: December 1, 2006, www.fasb.org/project/conceptual-framework.shtml.3. Ibid., and Financial Accounting Standards Board, Financial Accounting Series, PreliminaryViews, Conceptual Framework for Financial Reporting: Objective of FinancialReporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information,July 6, 2006.4. Presentation by FASB Chairman Robert H. Herz to the American Institute of Certified PublicAccountants’ National Conference on Current SEC and PCAOB Reporting Developments,December 6, 2005.5. Alternatively, chartered accountants in some other countries.6. The authors thank Charles Morris, CFA, of Morris Investment Counsel, Atlanta, GA, forproviding the data used to prepare this graphic.7. Financial Accounting Standards Board, Statement of Financial Accounting StandardsNo. 157, Fair Value Measurements (2006), at 5.8. Ibid., at 22–31.9. Ibid., at 7.10. Ibid., at 8.11. Ibid., at 9.12. Ibid., at 10–11.13. Ibid., at 12–14.14. Ibid., at 15.15. Ibid., at 16.16. Ibid., at 18.17. Ibid., at 21.18. Ibid., at 18.b.19. Accounting standard setters have classified accounting pronouncements and otherpublications into a hierarchy (or levels).20. Financial Accounting Standards Board, Statement of Financial Accounting Standards No,157, Fair Value Measurements, (2006), Appendix B.21. Ibid., at 21.22. Ibid., at 24.23. Ibid., at C66.24. Ibid., at C66.25. Ibid., at C68.26. Ibid., at C70.27. Ibid.28. Ibid., at C79.29. Ibid., at A28A29.