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Topic 820 Definition of Fair ValueThe FASB Accounting Standards Codification (ASC) Fair Value Measurements and Disclosures (Topic 820), formerly FAS 157, defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." In other words the new definition of fair value represents the exit price, not the entry price of a transaction.Topic 820 provides guidelines for determining the fair value of assets and liabilities. It requires using a three level hierarchy of inputs for measuring the fair value of derivatives and hedging products, and it expands the level of disclosures on financial statements. Topic 820 is effective for financial statements issued under GAAP for fiscal years beginning after November 15, 2007. In December 2009, Topic 820 was updated with changes and clarifications which mostly deal with transfers in and out of Levels 1 and 2, and Level 3 inputs. Specific changes can be found on the FASB website. DerivActiv has developed proprietary models to comply with Topic 820 and we have the resources and capacity to help all types of entities meet Topic 820 requirements. To speak to a Topic 820 expert, call at 1-866-200-9012.Topic 820 ClientsTopic 820 Services for Public and Private Entities
If you are interested in learning more about Topic 820 (formerly FAS 157), you can download a Topic 820 white paper here. |
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Topic 820 Amendments Topic 820 Application Topic 820 Definition of Fair Value Topic 820 Derivatives Topic 820 Disclosure Topic 820 Disclosure Example Topic 820 Disclosure Requirements Topic 820 Guidance Topic 820 Implementation Topic 820 Mark to Market Topic 820 Level 1 Topic 820 Private Equity Topic 820 Valuation Services |
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