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Fair Value Measurements and Disclosures

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A Roadmap to Fair Value Measurements and Disclosures (Including the Fair Value Option) (December 2019)

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This Roadmap provides an overview of the accounting and disclosure guidance in ASC 820 and ASC 825 as well as insights into how to apply this guidance in practice.
Fair value measurements and disclosures are generally relevant to the financial reporting of all entities. The guidance on this topic in ASC 820 primarily reflects the outcome of the FASB’s joint project with the International Accounting Standards Board (IASB®) to substantially converge U.S. GAAP and IFRS® Standards. The FASB has made certain amendments since the culmination of its joint project with the IASB, including those in (1) ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments and certain disclosure requirements associated with the fair value of financial instruments, and (2) ASU 2018-13, which changes the fair value disclosure requirements for all entities. The guidance in this Roadmap is written as if adoption of ASU 2016-01 has occurred. Chapter 11 discusses fair value disclosures required before and after ASU 2018-13.
The guidance on application of the fair value option originated in FASB Statement 159. The FASB has not made any significant amendments to this guidance since the issuance of the original pronouncement.
This Roadmap is intended to help entities navigate the accounting guidance related to fair value measurements and disclosures, reduce complexity, and arrive at appropriate accounting conclusions.
This Roadmap replaces the Deloitte Q&As that were contained in ASC 820 and ASC 825. To find the text in the Roadmap that corresponds to a former Q&A, select the “Fair Value Measurements” tab at the bottom of the Q&A to Roadmap Quick Reference Guide and search for the Q&A’s number or title.
Be sure to check out other titles in Deloitte’s Roadmap series, our comprehensive, easy-to-understand collection of accounting guides on selected topics of broad interest to the financial reporting community.