More valuation news out of the SEC. Yesterday, the SEC and the FASB issued a joint clarification of FAS 157 (2008 WL 4411374). FAS 157: Fair Value Measurements, which went into effect in November, assigned "levels" to assets for valuation purposes. There was much agita that assets assigned "level-three" status would have to be written down. Also affected are AU 332 and SAB codification topic 5M.
For more, see this SEC Currents article.
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