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The Financial Accounting Standards Board is planning to discuss mark-to- market accounting rules on Monday.
The FASB says it will discuss "additional application guidance that would clarify" how mark-to-market is used in illiquid markets.
From 'Fast Money':
On Thursday, U.S. lawmakers told the top U.S. accounting rulemaker to deliver new guidance on mark-to-market accounting within three weeks, or face legislation changing the rule that has forced banks to write down billions of dollars in assets.
Financial Accounting Standards Board Chairman Robert Herz, under a barrage of questions, initially committed to the three-week timetable but later said he would have to consult with other board members.
"I will take back a very clear message from today," Herz told the U.S. House of Representatives capital markets subcommittee. "We'll do everything that we can."
The Securities and Exchange Commission's acting chief accountant, James Kroeker, told lawmakers "we can absolutely work with the FASB within that timeframe."
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