10/15/08 -- FASB Clarifies Fair Value Guidance for Inactive Markets in Final FSP No. FAS 157-3

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10/15/08 -- FASB Clarifies Fair Value Guidance for Inactive Markets in Final FSP No. FAS 157-3
The FASB issued Final FASB Staff Position (FSP) No. FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, on October 10, 2008, to clarify the guidance for applying fair value accounting to financial instruments that are no longer trading in an open market.