Thomson Reuters
BRIEF-U.S. SEC says FASB to finalize mark-to-market guidance by first week in April
03.24.09, 05:29 PM EDT

WASHINGTON, March 24 (Reuters) - In written testimony prepared by James Kroeker, acting chief accountant at the U.S. Securities and Exchange Commission, for a Wednesday hearing by the U.S. House Financial Services Committee:

* Says FASB plans to finalize its mark-to-market accounting amendments 'by the first week of April' in time for banks' Q1 reporting.

Says hopes FASB 'will continue its efforts to comprehensively reconsider the accounting for all financial instruments.'

* Says FASB's financial reporting standards may be used by banking regulators but are 'primarily' intended to help investors.

* The SEC official's testimony was posted on the committee web site at: http://www.house.gov/apps/list/heari...

(Reporting by Julie Vorman; Company news desk in Washington; +1 202 898 8400, washington.newsroom@reuters.com