The banking industry won a minor skirmish in the fair value war in January when the Financial Accounting Standards Board turned down a proposed amendment that would have expanded controversial fair value/mark-to-market practices in the financial sector.

The proposal would have required "interim and annual disclosures for all financial instruments" covered by FASB Statement 107 - including "debt securities classified as available-for-sale, debt securities classified as held-to-maturity, and loans and long-term receivables" year-end 2008. On January 30, the board instead issued a revised draft rule to step up footnote disclosures from an annual to a quarterly basis.

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