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SEC's Kroeker, Pleased With FASB Response, Says Swift Action Needed on Fair Value for 1Q

Mar 26th 2009
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Testifying at a House Financial Services Committee hearing earlier today, the Securities and Exchange Commission’s Acting Chief Accountant, Jim Kroeker noted his support for FASB’s recent action to propose further guidance on fair value accounting, and on other-than-temporary impairment (OTTI), and said "I believe swift action must be taken to address the accounting for investment impairments and to improve the measurement guidance for illiquid assets for first quarter 2009 reporting." He noted that, "On March 17, the FASB's [proposed] amendments [to fair value accounting, and OTTI] were made available for a 15-day public comment period ending April 1." See Kroeker's written testimony.

Read further analysis of Kroeker's testimony, including the issue of GAAP-RAP differences, and find links to other testimony here.

In other SEC news, the SEC announced the list of panelists for its April 15 roundtable on oversight of credit rating agencies; announced some senior staff appointments here and here, and announced that its child development center has won an award.