Remember the hockey game that broke out over “mark-to-market”? The FASB relented, and carved out loans originated or purchased for long-term cash-flow collection from its original proposal to adopt fair-value measurement as the standard for almost all financial instruments. The FASB’s decision means that amortized cost less allowance for loan losses will remain the applicable measure for these loans. In contrast, the value of loans and debt securities acquired for liquidity management purposes will be measured by fair value. FASB and the International Accounting Standards Board will be seeking comment on two “expected loss” models for measuring impairment on these assets.