Before I get started please note that the SEC has announced a Roundtable which will cover mark to market accounting. There will be two panels
The first panel will discuss the interaction between mark-to-market accounting for financial institutions and the current economic situation. The second panel will focus on potential improvements to the current accounting model and implications of possible changes.
The Roundtable will be webcast on the SEC's site.
I would also like to congratulate Edith Orenstein, the writer of the FEI US Financial Reporting blog. I encourage you to check her posts out for the last few weeks. This post is about the SEC initiative, For example see this post. Congratulations to Edith on her birthday today!
Accounting Standards Board Canada
A staff draft proposing to provide Canadian companies with the ability to reclassify financial assets out of the held-for-trading and available-for-sale categories in a manner equivalent to that available in accordance with recent changes to International Financial Reporting Standards (IFRS).
FASB Staff Position Determining the Fair Value of a Financial Asset when the Market for that Asset is not active FAS 157-3 (October 10, 2008)
FASB/SEC Clarifications on Fair value accounting (September 30, 2008)
SEC Study of Mark to Market accounting - comments are due by November 13, 2008
Upcoming SEC Roundtable - see beginning of this post.
FASB/SEC clarifications - see the link under FASB
Proposed improvements to financial instrument disclosures, comments due December 15, 2008
Happy reading. You might also be interested in the recent FASB exposure draft on Going Concern.