The National Accounting Standards Board (NASB) has prepared a draft comment letter on the IASB Discussion Paper "Fair Value Measurements", which contains NASB members' deliberations on the document in question. The National Accounting Standards Board (NASB) has prepared a draft comment letter on the IASB Discussion Paper "Fair Value Measurements", which contains NASB members' deliberations on the document in question. The Discussion Paper includes about 30 questions to identify the most appropriate document format for fair value measurements. This project forms part of the Memorandum of Understanding between the IASB and the FASB, published in February 2006, which sets out a Roadmap of Convergence between IFRSs and US GAAP. The FASB has recently issued an accounting standard, SFAS 157 Fair Value Measurements, which establishes a single definition of fair value together with a framework for measuring fair value for financial reports prepared in accordance with US GAAP. The IASB proposed to use the US standard as the starting point for discussion and working out of a new document. At the same time the approaches to fair value measurements definition in US GAAP and IFRSs indicate much inconsistency. The NASB invites experts to express their views. Please send your comments before April 25, 2007 to This email address is being protected from spambots. You need JavaScript enabled to view it. or post them at the forum of the NOFA foundation website.