FASB tries to reclaim mark-to-market debate

The Financial Accounting Standards Board's decision to make studying mark-to-market accounting a top priority "could signal an attempt to grab back the debate over accounting and its role in the crisis -- and possibly put the financial system on a sounder footing," David Reilly writes in a Wall Street Journal commentary. "Banks might argue that this leads them to overstate losses and deplete capital. But in interconnected, global markets whose existence is reliant on the provision of credit, the investment piper calls the tune," he said.

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