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TITLE I - Troubled Assets Relief Program

Sec. 132. AUTHORITY TO SUSPEND MARK-TO-MARKET ACCOUNTING. (3 Comments) subscribe to the comments feed

  1. AUTHORITY.The Securities and Exchange Commission shall have the authority under the securities laws

    (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)) to suspend, by rule, regulation, or order, the application of Statement Number 157 of the Financial Accounting Standards Board for any issuer (as such term is defined in section 3(a)(8) of such Act) or with respect to any class or category of transaction if the Commission determines that is necessary or appropriate in the public interest and is consistent with the protection of investors.

  2. SAVINGS PROVISION.Nothing in subsection (a) shall be construed to restrict or limit any authority of the Securities and Exchange Commission under securities laws as in effect on the date of enactment of this Act.

3 comments on Sec. 132. AUTHORITY TO SUSPEND MARK-TO-MARKET ACCOUNTING.

  • Suspending the mark to market accounting is as crazy as it gets! This is the same effect as a troubled homeowner, making up numbers to put on a mortgage application! When will this stupidity end? Mark these underwater assets to market, or more taxpayer money will go to line the crooks on Wall Street!!

    Alan Weigand

    posted by Alan Weigand at October 1, 2008

  • To even entertain the idea of suspending mark-to-market is unconscionable! This is a time that investors (and the general public) need transparency in financial statements. Overstated assets and other frauds are the crux of why we are in the mess that we are today!

    posted by Midwest Public Accountant at October 2, 2008

  • Marking the value of an asset to a panic induced market price instead of a tried and true formula for investment return (NPV) is absurd. This provision of Sarbanes Oxley needs to be repealed and lawmakers need to stop dabbling in economics.

    posted by Anonymous at October 2, 2008
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