The financial sector is turning its attention to audit regulators to seek relief from draconian views on the values that should be booked for toxic assets languishing in the market.
More than a dozen banking, insurance, and real estate advocacy groups, most notably the U.S. Chamber of Commerce and the American Bankers Association, are imploring the Public Company Accounting Oversight Board to direct auditors away from overly pessimistic views on fair value. The 15 groups sent a letter to Public Company Accounting Oversight Board Chairman Mark Olson calling for “guidance and standards” to assure auditors are on board with recent, more moderate views from the Financial Accounting Standards Board and the Securities and Exchange Commission on the use of market pricing to establish fair value.
