Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, October 7, 2008

SEC Announces Steps in Mark to Market Accounting Study

The SEC announced additional details on the process and initial steps that the SEC has undertaken to conduct a study on "mark-to-market" accounting, as required by Sec. 133 of the Emergency Economic Stabilization Act of 2008, signed into law by President Bush last Friday.  The study is to be completed by Jan. 2, 2009, in consultation with the Secretary of the Treasury and the Board of Governors of the Federal Reserve System. Under the terms of the EESA, the study will focus on:

The effects of such accounting standards on a financial institution's balance sheet
The impacts of such accounting on bank failures in 2008
The impact of such standards on the quality of financial information available to investors
The process used by the Financial Accounting Standards Board in developing accounting standards
The advisability and feasibility of modifications to such standards
Alternative accounting standards to those provided in [Financial Accounting Standards Board] Statement Number 157

The SEC also announced that it is scheduling public roundtables to obtain input into the study from investors, accountants, standard setters, business leaders, and other interested parties.

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