Administration September 29, 2008
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.
Reported by Fred Schneyer
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.