Fitch Ratings has released a report on the recent disruptions in the credit market and the effect of two new accounting standards.

The report, "Market Turmoil and Accounting Impact: 10 Key Questions," looks at SFAS 157 ("Fair Value Measurements") and 159 ("Fair Value Option for Financial Assets and Financial Liabilities"), which will be mandatory for companies for fiscal years beginning after Nov. 15, 2007.

The report delves into the questions that analysts need to address when reviewing and comparing the results of companies affected by the U.S. credit market turmoil of the past quarter, such as how the fair value of financial instruments can be determined in the current market.

The report also looks at how companies can account for funded and unfunded loan commitments that have declined in value, and how companies that have not yet adopted SFAS 157 and companies that use International Financial Reporting Standards are reporting their fair value measurements. For more information, go to

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