Who knew accounting could get so emotional? A proposal from the Financial Accounting Standards Board is already drawing a sizable stack of correspondence, and it certainly couldn’t be described as fan mail.
The FASB proposed in late May a pair of new Accounting Standards Updates that would require a new method of accounting for financial instruments. The first would require financial institutions to record the value of their held-to-maturity loans at fair value, and the second ASU would elevate the visibility of “other comprehensive income,” the income statement line item where changes in those fair-value marks will get recorded.
