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Accounting Firms Urge SEC to Not Suspend Fair Value Rules
October 6, 2008
(Xinhua Financial News)
The chief executives of the Big Four accounting firms met Friday with the chairman of the U.S. Securities and Exchange Commission to discuss their opposition to suspending fair value
accounting rules, according to sources familiar with the meeting.
The firms urged the SEC to not suspend the rules, also known as mark-to-market, despite calls from many U.S. lawmakers for a suspension.
The private meeting occurred just after the U.S. House of Representatives approved a $700 billion bailout for Wall Street, which President George W. Bush immediately signed into law.
2008 Xinhua Financial News. All Rights Reserved
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