I am posting a question that now this is the second time as someone already used the answer I was givien word for word. Can you please take the question and answer differently than the answer below (or word it differently) so I can get this question answered. Thank you.

Here is the initial question:

Discussion Preparation

Find and read Statement on Financial Accounting Standards (SFAS) No. 157.

Initial Discussion

In approximately 300 words, prepare a short summary of the key points from Statement No. 157 as it relates to what we have learned on consolidated financial statements.

Here is the answer provided by Chegg as great as it is someone used it word for word just out of the hospital and dont have time to reword this one.

Statement No. 157 (ASC 820 ) of the US Financial Accounting Standards Board requires all listed firms in the U.S. to categorize their assets based on the assurance with which fair values can be computed. Paragraph 5 of SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Worth noting in this statement is the fact that exit price paid (when it is a liability) and exit price received (when it is an asset) needs to be considered in a theoretical transaction in an organized market. As a result, three asset categories have come up: Level 1, Level 2 and Level 3.

SFAS 157 enhances consistency, comparability, as well as transparency in fair value measurements in reporting financial statements. Consistency, comparability, as well as transparency in financial reporting is achieved through establishment of a sole authoritative definition of fair value, creation of a framework that measures fair value and expanding of fair value financial disclosure requirements. So SFAS 157 does not come up with new fair value measurement, but it codifies the definition of fair value as used under U.S. GAAP.

SFAS 157 (Paragraph 32) calls for two major types of disclosures, namely; Fair Value Balance sheet disclosure and a Level 3 Roll-forward disclosure. The Fair Value Balance Sheet is like a common balance sheet in the sense that the value of assets and liabilities are disclosed as of specific date. However, unlike the common balance sheet, the Fair Value Balance Sheet includes financial instruments as of a specific date and uses fair value defined under paragraph. Moreover, the Fair Value Balance Sheet is sub-divided into the three fair value hierarchies; Level 1, Level 2, and Level 3.

References

Deloitte USGAAPPlus. (n.d.). ASC 820 Fair Value Measurements and Disclosures. Retrieved November 17, 2016, from http://www.iasplus.com/en-us/standards/fasb/broad-transactions/asc820

Financial Accounting Standards Board. (2006, September). FAS 157 (as amended): Fair Value Measurements. Retrieved from http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1218220130001&acceptedDisclaimer=true

Thank you in advance as it was due yesterday. Elizabeth