The Financial Accounting Standards Board is in talks with the USA’s Securities and Exchange Commission (SEC) regarding the need for more guidance on fair value accounting rules.

A person familiar with the matter told Reuters additional guidance relating to the accounting rule, known as FAS 157, might or might not result from the discussions.

SEC spokesman John Nester said the agency was ‘working closely with US and international regulators and standard setters on the issues related to fair value’.

However, it was unclear whether the SEC and FASB would issue guidance before the end of the third quarter, ending today.