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Even when not required to be reported at fair value, US GAAP provides reporting entities with an option to measure many financial instruments and other items in the balance sheet at fair value. This chapter discusses the fair value option (FVO), which considerably expands the ability of a reporting entity to select the basis of measurement for certain assets and liabilities.
This chapter discusses overall concepts regarding election of the fair value option. In addition, see FV 7 for discussions on the application of the FVO to specific areas. Presentation and disclosure related to the FVO under US GAAP are addressed in FSP 20.6.

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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