The Board is following Barney Frank’s advice from the hearing and not being the “SLOW’sB” .  They are meeting right now to provide guidance on:

1. Determining whether a market is inactive and whether transactions are distressed for the purpose of determining the fair value, and
2. Readdress the impairment model for credit losses with 5 or so options

A quick look suggests the recommend proposal (Option B) by the staff is positive (but the Board could reject).

Won’t be effective until March 31st so people in the middle of the audit for 12/31 may not get the benefit.

There has been discussion going on about the rating process and its effect on supply and demand (I missed the beginning) and Triple C bonds, so it suggests they heard our point from last week.

More to follow.

Link to meeting going on:     http://fasb.trz.cc/live.php