In partial deference to corporate appeals, the Financial Accounting Standards Board has agreed to allow a one-year deferral for part of the implementation of Financial Accounting Statement 157, Fair Value Measurements.Investors have long called for financial statements that report market values - observable or calculated - and FASB constituents in the corporate sector have generally supported the concept. But after a year of preparing to implement FAS 157, corporations went to the board to complain that implementation had turned out to be prohibitively difficult.

In a letter to the board, Derek DiRisio, vice president and controller of Public Service Enterprise Group, a New Jersey-based utilities concern, said that his company had intended to adopt early implementation of Statement 157, but after months of industry-wide meetings and training sessions with auditors, he realized that early implementation would be impossible, and timely implementation would be difficult at best.

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