Monday, March 16, 2009

FASB To Propose Guidance On OTTI, Fair Value March 17; Comments Due April 1

At its board meeting earlier today, the Financial Accounting Standards Board voted to propose two FASB Staff Positions (FSPs) to provide guidance on:
o fair value in inactive markets, and distressed transactions, and
o other-then-temporary impairment (OTTI)

As noted in FASB’s Summary of Board Decisions posted following today’s meeting, the board plans to issue the Proposed FSPs on March 17 for a 15-day comment period, ending April 1.

Also according to FASB’s Summary of Board Decisions, the board “expects to discuss the comments it receives at its meeting on April 2, 2009,” or, as stated more affirmatively in the board handout for today’s meeting – and consistent with FASB Chairman Robert Herz’ and SEC Acting Chief Accountant Jim Kroeker’s commitment made at last week’s House Financial Services Committee hearing, so that the Board can finalize the proposed FSP[s] at its Board meeting on April 2.”

At the conclusion of the board meeting, FASB Chairman Robert Herz said “[We] encourage people to write in, and staff should be talking to [constituents]… reaching out.”

Read highlights of the board’s discussion today in these FEI summaries:

FASB Votes To Propose Additional Guidance on Fair Value In Inactive Markets, Distressed Transactions,

FASB Votes To Propose Additional Guidance on Other-Than-Temporary-Impairment (OTTI)

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