WASHINGTON (3/23/09)--The Credit Union National Association (CUNA) is seeking comment on two proposed staff positions by the Financial Accounting Standards Board (FASB) that would provide guidance on fair value measurements and impairment of securities. Comment is due to CUNA no later than Tuesday. The first staff position on the recognition and presentation of other-than-temporary impairment (OTTI) intends to provide greater clarity and consistency in accounting for and presenting impairment losses on securities. The changes would seek to make current guidance more operational and improve the presentation of OTTI in financial statements. The second staff position would provide guidelines for making fair-value measurements more consistent with the principles presented in FASB Statement No. 157, Fair Value Measurements. The guidance would employ a two-step process and apply to financial assets within the scope of accounting procurements that require or permit fair value. FAS 157, issued in 2006, creates a single definition and framework for measuring fair value in U.S. generally accepted accounting principles to increase consistency and comparability. Both positions, if approved, would be effective for interim and annual periods ending after March 15. For more information, use the links.