Standard-setters are seeking input on how to tweak the rules in response to the credit crisis. But they don't appear to be getting any quick answers.
For months now, standard-setters and regulators have been collecting criticisms and warnings about how to deal with fair-value accounting's role in the credit crisis. The issue has brought their independence and integrity into question, amid intense pressures from politicians worldwide and from outspoken bankers to make changes now.
At the same time, though, rule-makers keep hearing from other constituents they should stick to their charters and conduct due process through thoughtful — if often lengthy — deliberations, and by reaching out for input from preparers of financial statements, auditors and investors. For those reasons, people hankering for any substantial changes to fair-value standards may have a long time to wait, long after the financial turmoil unwinds.
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