FASB To Propose Flexible Mark-To-Market Reading

Law360, New York (March 16, 2009, 12:00 AM EDT) -- Bowing to pressure from members of Congress pushing for swift changes to the accounting standards, the Financial Accounting Standards Board on Monday reportedly proposed giving companies more leeway in determining whether a market for an asset is active and if a transaction is "distressed" under fair value accounting rules.

Robert Herz, FASB's chairman, said that the rules, which could officially be adopted as early as April 2, may be used in companies' first-quarter earnings report, Reuters reported. Herz made his statement at a meeting at FASB's...
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