Press Release: Accounting standards: Commission welcomes IASB guidance on the application of fair value measurement when markets become inactive

The European Commission welcomed the guidance on the application of fair value measurement when markets become inactive published by the International Accounting Standards Board (IASB) on 31 October 2008. The Commission considered that the IASB's position was fully consistent with the joint statement issued by the 3 European committees of supervisors and with similar guidance recently issued by the relevant US bodies.