Earlier today (Oct. 13), Edward Yingling, President of the American Bankers Association (ABA) sent a letter to SEC Chairman Christopher Cox, asking the SEC to override FASB's recent fair value guidance contained in FASB staff position (FSP) No. 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset is Not Active." FASB issued the FSP on Friday, October 10. See ABA Letter to SEC. See ABA letter to SEC.
Donna Fisher, ABA Senior Vice President, Tax and Accounting said of ABA's request to the SEC, "To my knowledge, this is the first time the American Bankers Association has made a request like this. We did not make this decision lightly.”
See also our earlier blog post on: What's The Impact Of FASB's New Guidance On Fair Value?