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FASB Mark‐to Market Proposals: Positive Developments on OTTI

March 18, 2009
James V. Lorentsen, CPA

On March 16, the FASB met to discuss potential proposals relating to OTTI. Yesterday, March 17, they formally released two proposed staff positions (FSP). These FSPs provide application guidance on determining fair value in inactive markets and on accounting for securities that are other than temporarily impaired (OTTI). Both proposals are very positive steps forward and approaches that we have been advocating for over a year. The FASB is seeking comments through April 1st on both proposals with the goal of evaluating the input at an April 2nd board meeting. We anticipate sending a comment letter within one week.

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