The American Bankers Association has written to the Securities and Exchange Commission demanding that it override the Financial Accounting Standards Board's guidance on fair value accounting.
"Given the importance of this issue, the impact it has on the crisis in the financial markets, and the seeming inability of FASB to address in a meaningful way the problems of using fair value in dysfunctional markets, we believe it is necessary for the SEC to use its statutory authority to step in and override the guidance issued by FASB," wrote ABA president and CEO Edward Yingling in a letter to SEC Chairman Christopher Cox. "Such action is necessary to meet the SEC's obligation to provide relevant, reliable and useful information to the users of financial statements."
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