FASB Approves Mark-To-Market Rules Changes

Law360, New York (April 2, 2009, 12:00 AM EDT) -- The Financial Accounting Standards Board on Thursday approved changes to fair value accounting standards that will give financial institutions more discretion in valuing asset-backed securities, particularly mortgage-backed securities, following stiff pressure from lawmakers and the banking industry.

FASB, the organization responsible for setting up accounting standards in the U.S., approved three rules changes, two in a unanimous votes and one, involving the valuations of impaired assets, in a contentious 3-2 decision. The rules changes came after concerted pressure on the accounting board from Congress, banks and...
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