FASB and SEC, Under Congressional Pressure, Pledge to Fix ‘Mark to Market’ in Three Weeks
March 13, 2009
Bowing to heavy bipartisan pressure from Congress, the Financial Accounting Standards Board and the Securities and Exchange Commission this week pledged to issue fresh guidance on fair-value accounting in the next three weeks. FASB Chairman Robert Herz and SEC Acting Chief Accountant James Kroeker made the commitment under continued questioning and prodding by Rep. Paul Kanjorski, D-PA...