By Edith Orenstein, FEI Financial Reporting Blog - In an article slated for publication Mon. Sept. 29 in BNA’s Daily Report for Executives, Steve Burkholder, considered by many to be the Dean of accounting journalism, breaks the story that: “FASB Staff Crafting Guidance to Help Gauge Fair Value in Inactive Markets.” This is a significant escalation of action by FASB, following last week’s meeting of its Valuation Resource Group formed to advise the standard-setter on implementation issues arising from FAS 157, Fair Value Measurement.

Separately, lawmakers were literally burning the midnight oil last night to reach consensus on enhancements to Treasury’s proposed $700 billion bailout package, with the New York Times reporting that “Congressional leaders and Treasury Secretary Henry M. Paulson emerged from behind closed doors to announce [a] tentative agreement at 12:30 a.m. Sunday.” According to a summary posted on the Wall Street Journal's website, Congressional rep's agreed on three broad principles to be achieved by the bailout plan: reinvestment, reimbursement, and reform.

Read more about FASB's potential upcoming guidance, and more details on the 3 R's agreed to by Congress (to be voted on Monday) here.