International Accounting Panel Blast Congress For Threatening FASB (Fair-Value Update)

Call it a mark-to-market Wednesday morning.  We have several important stories on the FASB and fair-value accounting.  Nine links inside.

First some background on the financial lobby's massively successful push that altered FASB 157 MTM rules in April of this year.  It's an outstanding read that I've been holding and waiting to present.

Congress Helped Banks Defang Key Rule

The piece below by Tracy Alloway of FT Alphaville is the most detailed summary of the entire issue including background links and coverage.

MTM Accounting Is Officially Exonerated From Causing The Financial Crisis (FT Alphaville)

Summaries from the New York Times and the Wall Street Journal and the full report PDF:

Politicians Accused Of Meddling In Bank Rules (Floyd Norris NYT)

FCAG Panel Assails Meddling Into FASB Rule Making (Summary From The WSJ)

Complete Report PDF From The Financial Crisis Advisory Group (FCAG)

Sepeartely, we have a view of the effect of FASB's change on bank earnings so far this year:

A Comprehensive View On Bank Profits (WSJ)

And now an incredibly frightening development:

Congressional Bill Supports Federal Takeover Of FASB

Yet somehow in the face of criticism and a power-hungry, Wall Street captured Congress, the FASB has started to fight back rather aggressively:

Accountants Gain Courage To Stand Up To Bankers (Jonathon Weil Bloomberg)

Newest FASB Action Alert On Fair Value Accounting

(I will be covering these last two components of the story in more detail later today, but if you wish to make your voice heard at the FASB, why not call them today.)