The Center for Audit Quality defended the use of fair value accounting in a letter to the Securities and Exchange Commission as the standard comes under attack from banking interests.

"The CAQ believes that blaming the current crisis on the use of fair value measurements in financial reporting, the Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 157 or the application of FAS 157, misreads the fundamental economic and regulatory underpinnings of the crisis, and inhibits efforts to address the crisis effectively," wrote executive director Cindy Fornelli in a letter commenting on the SEC's study of mark-to-market accounting.

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