NEW YORK -- U.S. accounting rulemakers Wednesday rejected a proposal to exempt older transactions from a new accounting rule requiring corporations to report the fair market value of derivatives holdings.The Financial Accounting Standards Board in Norwalk, Conn., had reopened discussion of the issue after the Bond Market Association, the International Swaps and Derivatives Association, J.P. Morgan & Co., and others argued that corporations could face added costs as they race to adopt the new rule, known as Statement 133.

They urged the board to "grandfather" derivatives transactions that corporations entered before 1999.

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