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ABA Pleads for Intervention on Fair-Value Plans

Tammy Whitehouse | September 16, 2009

The American Bankers Association is appealing to the U.S. Treasury and the Federal Reserve to stoke the fire over accounting issues at the upcoming G-20 meeting in Pittsburgh Sept. 24-25, especially regarding proposals to require more use of fair value on bank balance sheets.

Edward Yingling, ABA president and CEO, sent a 41-page packet to Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke pointing out how the International Accounting Standards Board and the Financial Accounting Standards Board are developing different proposals for requiring more use of fair value for measuring financial instruments. Yingling says the proposals are not consistent with G-20 recommendations and are not consistent with the overarching objective to converge U.S. and...

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