FASB Delays Effective Date of Guidance on Fair Value Disclosures

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Companies will not have to follow planned guidance to improve disclosures about fair value measurements until periods starting after Dec. 15, a change in effective date chosen by the nation's top accounting rulemakers that represents a postponement of the crisis-driven rules. In addition, FASB will draft a final accounting standards update amending guidance for noncontrolling interests in consolidated financial statements to clarify how it applies to accounting for decreases in ownership of a subsidiary. Entities that manage the assets of investment funds, such as certain mutual and hedge funds, may not have to put those managed assets on their balance sheets under consolidations rules to be effective in the new year, according to proposed guidance tentatively approved by FASB. FASB also affirms the main provisions of a proposed accounting standard update aimed at providing investors with a more meaningful and comprehensive understanding of oil and gas reserves.