ASC 820

In September 2006, the Financial Accounting Standards Board (FASB) of the United States issued Statement of Financial Accounting Standards 157: Fair Value Measurements), which "defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements." This statement was effective for financial reporting fiscal periods commencing after November 15, 2007 and the interim periods applicable. It has since been superseded by ASC Topic 820 (or ASC 820).

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