Congressional hearing on fair value prompts additional guidance on mark-to-market accounting.

Congressman Paul E. Kanjorski (D-Pa.), chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, held a hearing on Mar. 12 to examine the mark-to-market accounting rules that some contend have exacerbated the current troubles in the financial services industry and in the broader economy. The Financial Accounting Standards Board, the Securities and Exchange Commission and the Office of the Comptroller of the Currency provided testimony, as did representatives from the financial services and banking sectors, and Center for Audit Quality Executive Director Cindy Fornelli (the CAQ is affiliated with the AICPA). Testimony from Fornelli, supportive of the fair value rules because they provide transparency to investors...

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