Wells Fargo and Company (WFC)

[MrBankRoll]

FASB Could Adjust Mark-to-Market Rules
03/16/09 - 01:27 PM EDT

The Financial Accounting Standards Board, under considerable pressure to alter the fair value accounting rules blamed for exacerbating the woes of the financial sector, has proposed more leeway for banks in determining the value of distressed assets.

FASB Chairman Robert Herz said that the agency may allow companies to use "significant judgment" in valuing assets as part of the revised fair value, or the so-called mark-to-market, accounting rules. The implementation of any change could come in time to allow financial companies to employ the new rules for their current-quarter financial statements.

Herz said the board is set to vote on the proposal April 2 after a 15-day public comment period, according to Bloomberg.

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