Last December, the president and CEO of the American Institute of Certified Public Accountants (AICPA) issued a statement applauding the SEC staff recommendation against the suspension of fair value accounting rules. A new position paper from the Association of Chartered Certified Accountants takes a similar stance. How Should the EU Respond to the Financial Crisis? notes: “In response to political criticisms that fair value accounting rules caused some of the market volatility, the International Accounting Standards Board has revised its rules on fair value accounting. Some countries now want the EU to seek exemptions from the international standards. This would be a serious step backwards.”