FASB in talks with SEC on fair value

The Financial Accounting
Standards Board
is in talks with the USA’s
Securities and Exchange
(SEC) regarding the need for more guidance on fair value
accounting rules.

A person familiar with the matter told
additional guidance relating to the accounting rule, known as FAS 157, might or
might not result from the discussions.

SEC spokesman John Nester said the agency was ‘working closely with US and
international regulators and standard setters on the issues related to fair

However, it was unclear whether the SEC and FASB would issue guidance before
the end of the third quarter, ending today.

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