FASB, SEC Pondering Clarity for FAS 157

September 29, 2008 (PLANSPONSOR.com) - The Financial Accounting Standards Board (FASB), which sets U.S. accounting rules, is conferring with the U.S. Securities and Exchange Commission (SEC) about whether additional guidance on fair value accounting rules is needed.

That was the substance of a Reuters news report, quoting an unnamed source.

Additional guidance related to the accounting rule, known as FAS 157 (See  “Say” So ), may or may not result from the discussions, the person told Reuters.

Fair value, or mark-to-market accounting requires financial firms to value assets based on what they could produce in a current market transaction.