Banks win concessions from FASB on fair value

The Financial Accounting Standards Board (FASB) has laid out amendments to fair value accounting, which would allow financial institutions employing internal models to evaluate assets and liabilities in illiquid markets.

The proposals would also alter the way in which other-than-temporary impairment (OTTI) is reported, separating losses due to credit deterioration from losses related to other market factors.

In its study on fair value accounting submitted to Congress on December 30, 2008, the SEC

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