The FASB early issued several standards requiring recognition or disclosure of fair values estimates for assets and liabilities, mainly for financial instruments. For example, Statements of Financial Accounting Standards (SFAS) number 87 in 1985 on employer’s accounting for pensions, number 105 in 1990 on disclosure of information about financial instruments, number 107 in 1991 on disclosures about fair value of financial instruments, etc. The International Accounting Standards Committee (IASC) issued International Accounting Standard (IAS) requiring measurement at fair value and
value changes to be recognised in profit or loss. The most important were the IAS 32 on disclosure and presentation of financial instruments, issued in 1995 and revised in 1998 by IAS 39, and the IAS 41 on Agriculture, issued in 2000. The EU adopted the whole existing IAS by the Commission Regulation (EC)1725/2003, with the exception of IAS 32 and 39, that were adopted in 2004 by Commission Regulations (EC)2086/2004 and (EC)2237/2004.