The Financial Accounting Standards Board delivered very good news to corporate credit unions yesterday.
Robert H. Herz, FASB Chairman, announced a new FASB agenda project that could potentially ease fair market accounting. The move was in response to recommendations contained in the Securities and Exchange Commission's recent study on mark-to-market accounting, as well as input provided by the FASB's Valuation Resource Group.
"The SEC expressed continued support of fair value accounting in its study, but recommended consideration of potential improvements in the guidance surrounding the application of fair value principles," Herz said. "FASB is immediately embarking on projects that directly address areas that constituents have told us are challenging in the current environment, and which will improve disclosures in financial reports."
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The FASB anticipates completing projects on application guidance by the end of the second quarter.
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