“SEC and FASB Issue Clarifications on Fair Value Accounting”

On September 30, 2008, the Securities and Exchange Commission’s Office of the Chief Accountant (the “SEC”) and the staff of the Financial Accounting Standards Board (“FASB”) jointly released clarifications regarding FASB Statement No. 157, Fair Value Measurements, the fair value or “mark-to-market” accounting provision. In light of the current financial crisis, the SEC and FASB recognized the need to provide investors, preparers, and auditors with immediate additional guidance on the appropriate determination of the fair value of assets.