In a hurried effort to shine light on the credit derivatives market - viewed as potentially the next domino to fall in the credit-market crisis - a new project by accounting standard setters could require firms to disclose more details about their exposure to the over-the-counter instruments currently on their books.

The Financial Accounting Standard Board (FASB), based in Norwalk, Conn., decided on April 30 - at its first meeting on the topic - to proceed with the credit derivatives disclosure project.

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