Bank Group Asks S.E.C. To Override Guidelines.

The American Bankers Association asked the Securities and Exchange Commission on Monday to override accounting rule makers' new guidelines on mark-to-market accounting, saying they still relied too heavily on distressed asset values. The staff of the Financial Accounting Standards Board released guidelines on Friday intended to formalize a Sept. 30 joint clarification with the S.E.C. that said banks could rely on internal estimates, rather than deeply discounted market prices, to value assets in illiquid markets. [ABSTRACT FROM PUBLISHER]