From yesterday’s WaPo:"The three-page joint statement today from the SEC and the Financial Accounting Standards Board does not do away with fair value accounting provisions altogether.But it gives companies more leeway to employ estimates and their own judgment in many cases when they deem the market to be "disorderly" or seized by liquidity problems."

Actually, it does do away with whatever fair accounting practices still exist as well as presenting further evidence that the SEC is not going to regulate the industry but continue to encourage massive fraud within it.