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GAAP.RUNewsU.S. Banks Recruit Investors to Kill FASB Fair-Value Proposal

U.S. Banks Recruit Investors to Kill FASB Fair-Value Proposal

Author: Jesse Westbrook and Ian Katz

Publication date: 9 July 2010

Banking lobbyists have launched an e- mail and Web campaign to mobilize investors against a proposed expansion of fair value accounting rules that may force banks such as Citigroup Inc. and Wells Fargo & Co. to write down billions of dollars of assets.

Banking lobbyists have launched an e- mail and Web campaign to mobilize investors against a proposed expansion of fair value accounting rules that may force banks such as Citigroup Inc. and Wells Fargo & Co. to write down billions of dollars of assets: the American Bankers Association (ABA) opposes the Financial Accounting Standards Board’s (FASB) plan to apply fair-value rules to all financial instruments, including loans, rather than just to securities.