The article discusses the history and evolution of fair value accounting, focusing on the alignment of U.S. and international accounting standards. The goal was to improve fair value measurement and disclosure requirements in response to the global financial crisis. This involved a joint project by the FASB and IASB, resulting in updates to U.S. accounting standards. The main findings highlight the influence of FASB's Statement of Financial Accounting Standards 157 on the development of International Financial Reporting Standard 13, shaping fair value measurement in financial reporting.