Technical staff of the US Financial Accounting Standards Board defended fair value over the weekend, amidst questions raised by the senior figures.

'We believe fair value gives you more transparency into the underlying assets,' FASB technical director Russell Golden said.

The standard has come under fire from US investment banks other financial institutions as caused large writedowns during the global credit crunch, WebCPA.com reported.

CFA Institute CEO, Jeffrey Diermeier, said that 55% of respondents in a survey said fair value requirements had aggravated the global credit crises.

Further reading:

Fair Value Accounting Challenged