If you think the future of fair-value accounting is settled, even for the short term, you're mistaken. The Financial Accounting Standards Board and the American Bankers Association have locked horns over the FASB's revised fair-value guidance, with the bankers asking the Securities and Exchange Commission to use its statutory authority to reject FASB's position. While the SEC is working on an internal study of the matter, the Center for Audit Quality has written to the SEC arguing against suspension of fair-value rules.

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