You've probably had your fill of fair value talk. Who would have thought we'd be spending so much time on something called FAS 157? But what to do about this rule--and 115 for that matter--is of critical importance to the industry. And now there is a new wrinkle.

Reuters reports that new M&A accounting rules go into effect December 15 that require any assets and liabilities being acquired to be accounted for at fair market value on the date of acquisition. The current system calls for values to be based on companies' assumptions or estimates. The issue, of course, is the extent to which this change affects private bailout deals, which we assume are in the works.

For more:
- here's the article

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