The Financial Accounting Standards Board has decided to shorten the comment period on its proposed guidance for determining the fair value of assets in inactive markets, even as Congress may allow banks to temporarily suspend mark-to-market accounting.

At its Oct. 1 board meeting, FASB Chairman Robert Herz (pictured) announced that the rules of procedure governing the length of comment periods have been temporarily modified to allow a window of time within which FASB can act to provide needed guidance in the interest of investors and the capital markets.

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