Yesterday the Financial Accounting Standards Board (FASB) issued its long-awaited Invitation to Comment (ITC) on the need—if any—for specific valuation standards within fair value accounting and financial reporting. The Board is soliciting views from all interested parties about the need for additional standards as well as what organizations should be involved in the standard-setting process; what organizational structure should be utilized to establish valuation standards; and what other potential issues may exist. The ITC includes specific questions on which the Board would like feedback.

The ITC is available at www.fasb.org; written comments are due tax day—April 15, 2007. The Board will also be holding a public roundtable in April to discuss the issues raised by the ITC; for more information, contact Paul Beswick at pabeswick@fasb.org.