WASHINGTON (8/14/09)--The Financial Accounting Standards Board (FASB) should issue a sweeping exposure draft on fair value accounting around the end of this year, Chairman Robert Herz said at a FASB open meeting held Thursday. According to Herz, the exposure draft would address fair value accounting rules for all financial instruments, including allowances related to loan loss accounts. While Herz provided few details on the substance of the potential exposure draft, he indicated that the board would provide the industry with ample time to comment on the proposal once it has been issued. Herz said that the changes, once proposed and approved, could not be put into effect before 2011. However, the board will provide a clearer schedule for the implementation of the proposed rules by posting a project plan timeline on the FASB website sometime next week. FASB will hold a closed meeting of its trustees on Aug. 25. The Credit Union National Association will discuss fair value and other matters of concern to credit unions during a Sept. 17 conference call with Chairman Herz.