What is the Scope of SFAS 157?
SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements except for FASB Statement No. 123R, Share-Based Payment, and its related interpretive accounting pronouncements that address share-based payment transactions; accounting pronouncements that permit practicability exceptions to fair value measurement in specified circumstances; FASB Statement No. 13, Accounting for Leases, (SFAS 13), and other accounting pronouncements that address fair value measurement under SFAS 13 with the exception of FASB Statement No. 141 or FASB Statement No. 141R. SFAS 157 also does not apply under accounting pronouncements that require or permit measurements that are similar to fair value but that are not intended to measure fair value, including accounting pronouncements that permit measurements that are based on, or otherwise use, vendor-specific objective evidence of fair value and Accounting Research Bulletins No. 43, Chapter 4, “Inventory Pricing”. Why Fai
