Fair value measurement and modelling: An assessment of challenges and lessons learned from the market stress

Under both International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP), banks and other companies have a wider range of financial instruments using fair values. Fair value measures also have been applied to increasingly complex, less liquid financial instruments. This complexity, along with the growing importance of fair value measures, means that it is critical that banks implement and maintain robust risk management and control processes around the measurement of fair values and their reliability.
(Texto en inglés)