The Senate voted to reaffirm the Securities and Exchange Commission's authority to suspend mark-to-market accounting as part of its approval of the financial rescue plan, as fair value measurement comes under fire from banking groups.
On Tuesday, the SEC's Office of the Chief Accountant and the Financial Accounting Standards Board provided some clarifications on FASB Statement 157 on fair value measurements. They said that management's internal assumptions about expected cash flows could be used to measure fair value when there is no other relevant market evidence.
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