Source: CNBC

If accounting-standard setters and regulators do not quickly improve fair-value accounting rules, Congress will take action, U.S. lawmakers said. The Financial Accounting Standards Board is working on updated guidance on mark-to-market accounting rules to help companies determine whether a transaction is distressed or a market is active. Mary Schapiro, chairwoman of the Securities and Exchange Commission, said she is pressuring the board to release its updated guidance in the second quarter.

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