Citing the current market environment and related questions regarding the implementation of fair value, the Financial Accounting Standards Board (FASB) has revised its previous agenda for today's board meeting.

As noted in a joint press release issued previously along with the Securities and Exchange Commission, (http://www.fasb.org/news/2008-FairValue.pdf) today's FASB meeting will instead address the issue of providing additional guidance on fair value accounting that is consistent with the principles of FAS 157 regarding the valuation of assets when markets have become inactive.

A FASB Staff Position (FSP) that has additional guidance on FAS 157 will be presented and discussed today.

The previously scheduled agenda item regarding mergers and acquisitions by a not-for-profit organization will be re-scheduled for discussion soon.

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