The FASB?s request for comments on its proposed interpretation of fair value accounting in illiquid markets continues to bring a flurry of impassioned responses from individuals, many of whom have chosen to instead focus on where the blame should be laid for the current credit crisis.

The draft guidance, Proposed FASB Staff Position (FSP) No. FAS 157-d, Determining the Fair Value of a Financial Asset in a Market That Is Not Active, amends SFAS No. 157, Fair Value Measurements.

The proposal clarifies the application of fair value measurements in an inactive market, the FASB said. The Board plans to discuss the comments and vote on issuing final guidance in a special session on October 10, 2008.

Some letter writers blamed the SEC for what they view as a lack of regulation that led to the current financial chaos.