FAIRFIELD, Conn. (3/17/09)--The Financial Accounting Standards Board (FASB) Monday agreed to provide guidance on applying mark-to-market accounting rules in illiquid markets. At an open board meeting, FASB staff presented two proposals regarding fair value accounting and rules to address other than temporarily impaired (OTTI) assets. After discussion, the board directed the staff to make changes to the proposals and release a final version today. Once issued, there will be a 15-day public comment period. The proposed effective date is for periods ending after March 15. FASB has concerns, however, that may be too soon for some. They may not be able to prepare the information in time for March 31 reporting. FASB will request comments on whether the guidance should be effective for periods ending after June 15, with early adoption permitted. Use the resource link below to access the FASB summary of its actions.