Conducted during a Deloitte-sponsored Webcast, the survey polled 1,500 participants -- mostly senior level managers within finance and accounting departments in the financial services, telecommunications, and manufacturing industries -- on Statement No. 157 (SFAS 157), Fair Value Measurement, which was first introduced by the Financial Accounting Standards Board in February.

SFAS 157 enhances guidance on how to measure assets and liabilities at fair value and consolidates fair value measurement into one accounting standard. SFAS 157 can be applied whenever another accounting standard requires or permits a fair value measurement, such as impaired assets, certain assets and liabilities acquired in a business combination, financial assets and liabilities for which the fair value option is elected.

The new standard does not require any new fair value measurements. SFAS 157 also introduces new disclosures intended to highlight the reliability of fair value measurements. SFAS 157 is effective for fiscal years beginning after Nov. 15, 2007.

"Historically, different definitions and measurement guidelines for fair value led to inconsistency and added to complexity in GAAP," said Stamos Nicholas, leader of Deloitte FAS' Business Valuation practice. "Perhaps one of the biggest changes in the new rule is an outline of how certain intangible assets are valued, something valuation specialists have tried to develop through a patchwork of tax, accounting, and valuation concepts over the years."

SFAS 157 offers enhanced guidelines aimed at valuing hard-to-measure assets and liabilities that includes a new hierarchy consisting of three levels used to classify valued items. The new rule defines fair value and also introduces new concepts such as defensive value.

To view the full text of the poll results please visit http://www.deloitte.com/us/fairvaluerelease