Countdown to April 2: SEC and FASB given three weeks to offer guidance on Fair Value

BVWireIssue #78-3
March 18, 2009

FASB Chairman Robert Herz and the Securities and Exchange Commission’s Acting Chief Accountant James Kroeker committed to providing guidance on fair value accounting in illiquid markets within three weeks at last week’s congressional hearing on mark-to-market accounting. One interesting twist: Rep. Ed Perlmutter, D-Colo. has proposed legislation to create a new federal board to oversee how accounting principles are applied to the financial markets.

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