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The SEC's Bid To Save Fair Value Accounting

Law360 (October 14, 2008, 12:00 AM EDT) -- On Sep. 30, 2008, the U.S. Securities and Exchange Commission (SEC) Office of the Chief Accountant and Financial Accounting Standards Board (FASB) staff issued a major joint release providing immediate guidance on “urgent” fair value measurement questions presented in the current market environment.

Noting the challenges facing preparers, auditors, and users of financial statements, the release offers important assistance, clarifying the application of the fair value standard to the many difficult-to-value securities held by financial institutions.

While the release and further guidance anticipated from the FASB...
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