By Edith Orenstein, FEI Financial Reporting Blog -
Yesterday, the SEC announced the first of two roundtables will take place on October 29, relating to SEC’s study of mark to market (MTM) accounting. The MTM (aka fair value) study is being conducted in accordance with Section 133 of the Emergency Economic Stabilization Act of 2008 (EESA), which requires the SEC to consult with Treasury and the Fed and to complete the study by Jan. 2, 2009.
In related news, FASB and the IASB announced yesterday the formation of a joint advisory committee on issues relating to the credit crisis.
Separately, on October 14, staff of the SEC’s Office of the Chief Accountant (OCA) issued a letter to FASB as an immediate clarification - deemed an 'intermediate step in addressing practice issues" pending further action by FASB - regarding accounting treatment of OtherThan Temporary Impairment (OTTI) for Perpetual Preferred Securities (PPS). See: SEC Letter to FASB on OTTI for PPS.