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C » Topics » Measuring Liabilities at Fair Value

This excerpt taken from the C 10-Q filed Nov 6, 2009.

Measuring Liabilities at Fair Value

        In August 2009, the FASB issued ASU No. 2009-05, Fair Value Measurements and Disclosure (Topic 820): Measuring Liabilities at Fair Value. This ASU provides clarification that in circumstances in which a quoted price in an active market for the identical liability is not available, a reporting entity is required to measure fair value using one or more of the following techniques:

    1.
    A valuation technique that uses quoted prices for similar liabilities (or an identical liability) when traded as assets.

    2.
    Another valuation technique that is consistent with the principles of Topic 820.

        This ASU also clarifies that both a quoted price in an active market for the identical liability at the measurement date and the quoted price for the identical liability when traded as an asset in an active market when no adjustments to the quoted price of the asset are required, are Level 1 fair value measurements.

        This ASU is effective immediately and does not have a material impact to Citigroup.

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