WebCPA reports: "The American Institute of CPAs has written to the Securities and Exchange Commission urging it to allow the Financial Accounting Standards Board to continue to set standards for mark-to-market accounting."
"The SEC is conducting a study on mark-to-market and fair value accounting mandated by the financial rescue bill, which it plans to complete by Jan. 2. In a letter to SEC deputy chief accountant James Kroeker, AICPA president and CEO Barry Melancon said that FASB should remain the organization to address the study's recommendations. The American Bankers Association has asked the SEC to override FASB guidance on fair value accounting and to create an accounting oversight board that could overrule FASB (see Bankers Call for New Accounting Oversight Board)."
"Melancon defended FASB's role in setting standards. "We believe that the FASB, with appropriate oversight by the SEC given its investor protection mandate, is best able to decide what is the most appropriate financial reporting for the capital markets," he wrote."
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