[Comments on an Exposure Draft on Disclosures About Market Value of Financial Instruments]
Published: May 20, 1991. Publicly Released: May 20, 1991.
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Highlights
GAO commented on the Financial Accounting Standards Board's (FASB) exposure draft entitled "Disclosures about Market Value of Financial Instruments." GAO supports the adoption of this exposure draft as a Statement of Financial Accounting Standards. The guidance provided by this exposure draft would enable government regulatory agencies to identify troubled financial institutions before they fail. However, the guidance could be improved by clarifying some definitions that are used. This clarification would help avoid any misunderstandings by users of the document.