Understanding Accounting
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FASB Statement 157 historical summary

Historical model orientation for the fair value measurement objective and input hierarchy.

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Financial Accounting Foundation
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Statement 157 historical summary
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FASB superseded-standard summary
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superseded · checked Aug 8, 2026

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The summary provides historical orientation to an exit-price framework. The current module uses Topic 820 and keeps the measurement objective separate from the recognition and unit-of-account decisions supplied by other Topics.