The Institute of International Finance, a global association of financial institutions, has moved to clarify its position on fair value accounting after word leaked out that it wanted to loosen the standards, provoking an outcry.

In a statement, IIF managing director Charles Dallara said his organization has engaged in informal consultations over the last six weeks with market participants, central bank and finance officials, securities and banking regulators, auditing authorities, and accounting standard-setters on the application of fair value accounting in "illiquid conditions."

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