Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Bailout Directs Fair-Value Action; FASB Plans Guidance

Tammy Whitehouse | September 29, 2008

Though rejected by the House, the latest iteration of the federal government’s $700 billion bank bailout proposal would give the Securities and Exchange Commission authority to suspend fair-value measurement rules for single issuers and would direct the Securities and Exchange Commission to study fair value and report the findings to Congress within 90 days. Meanwhile the Financial Accounting Standards Board confirmed today it is developing new guidance around how to establish fair value when markets are illiquid.

The House narrowly rejected the package Monday after intense, weekend negotiation to prop up financial institutions struggling under faulty sub-prime mortgage debt, which has seized credit markets and threatens to further cripple the entire economy. If approved, the package would remind the SEC it has the authority under existing securities laws “to suspend, by rule, regulation, or order,” the...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.