Fair Value in a Hurry!

In response to a request from Congress, the Financial Accounting Standards Board has rushed out new guidance for interpreting the FASB mark-to-market accounting rule (FAS 157). The guidance takes the form of two proposed Staff Positions titled "Determining Whether a Market is Not Active and a Transaction is Not Distressed," and gasp, "Recognition and Presentation of Other-Than-Temporary Impairments." The comment period is open until April 1st so you'll need to hurry.

SEC Acting Chief Accountant James L. Kroeker has provided additional guidance in a recent speech.