Halliburton 2009 Annual Report Download - page 104

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85
In September 2006, the FASB issued a new accounting standard for fair value measurements,
which is intended to increase consistency and comparability in fair value measurements by defining fair
value, establishing a framework for measuring fair value, and expanding disclosures about fair value
measurements. In February 2008, the FASB issued an update to defer the effective date of the fair value
standard for certain nonfinancial assets and nonfinancial liabilities for an additional year. In October 2008,
the FASB also issued an update to the original standard related to determining the fair value of a financial
asset when the market for that asset is not active. On January 1, 2008, we adopted without material impact
on our consolidated financial statements the provisions of the fair value measurement standard related to
financial assets and liabilities and to nonfinancial assets and liabilities measured at fair value on a recurring
basis. On January 1, 2009, we adopted without material impact on our consolidated financial statements
the provisions of the fair value measurement standard related to nonfinancial assets and nonfinancial
liabilities that are not required or permitted to be measured at fair value on a recurring basis.
In April 2009, the FASB further updated the fair value measurement standard to provide
additional guidance for estimating fair value when the volume and level of activity for the asset or liability
have significantly decreased. We adopted this update on June 30, 2009 prospectively to all fair value
measurements as appropriate without material impact on our consolidated financial statements.