This Wednesday, the FASB will decide whether or not to delay the implementation date on Statement 157, "Fair Value Measurements." That standard was to go into effect for fiscal years beginning after November 15 - little more than a month away. As noted previously, the Committee on Corporate Repotring of Financial Executives International sent a 12-page letter a couple weeks ago requesting the FASB to delay it.

According to CFO.com, the Institute of Management Accountants has also pushed the FASB to delay the implementation. No trace of their correspondence on the internet, yet, however.

We'll know Wednesday as to whether or not there's a grace period. One chief reason cited for delaying: supporting an "exit price" as required by 157 is too new to handle. That one seems far-fetched: an exit price is one of many possible prices that exist. It's more likely that in a period of price pressure as we're seeing in the markets for some financial instruments, no one really wants the extra trimming that an exit price might provide. A better reason for postponement - though not a new one - is that the IASB is considering the adoption of 157 as a convergence move. Is that really enough of a reason?