In July 2008, the Committee of European Securities Regulators (CESR) published for consultation a draft statement on fair value measurement and related disclosures of financial instruments in illiquid markets. In relation to measurement the statement looked at the identification of active and non-active markets and the use of valuation techniques. The statement also sets out key messages on disclosures. This included good disclosure practices being a natural counterpart to the use of judgment in measurement practices. CESR has now published the responses to the consultation.

View CESR publishes responses to consultation on fair value measurement of financial instruments in illiquid markets, 15 September 2009