The war isn't over, but bankers opposed to a wholesale adoption of fair-value measurement won a pivotal battle Tuesday when the Financial Accounting Standards Board (FASB) carved out an exception for plain-vanilla loans held to maturity.

Basic loan assets originated or purchased for long-term cash-flow collection should continue to be eligible for cost-based accounting, the board ruled in an early round of redeliberations over a plan to expand the use of fair-value accounting. The original proposal, made in May, would have made fair value the de facto standard for nearly all financial instruments.

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