Baltimore Sun (10/01/08)
The Securities and Exchange Commission and the Financial Accounting Standards Board have released some clarifications of existing accounting rules and promised more guidance in the very near future. The banking sector, which has experienced a phenomenal slide in the value of mortgage-backed assets, was highly receptive to the federal action. According to the American Bankers Association, the new clarity "will help auditors more accurately price assets that are difficult to value under current market conditions."
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