The American Bankers Association has written a letter to the US Treasury secretary and Federal Reserve chairman urging them to address accounting issues at the upcoming G-20 summit. In the latest revelations of the fair value debate, the association has expressed concern that standard-setters are moving in the wrong direction when it comes to adopting mark-to-market accounting rules. The ABA President and CEO Edward Yingling has said that the US Financial Accounting Standards Board and the International Accounting Standards Board approaches to accounting regulations are in direct conflict with G-20 recommendations. 'Most experts, including banking leaders, believe that repairs are needed to the accounting model, particularly in the area of provisioning for loan losses,' he said in the letter. He said 'the proposals go much further' than what experts believe is needed and 'would undermine the G-20's efforts to strengthen the financial system'. Standard-setters from both sides of the pond have voiced the need to use fair value measurements in accounting for loans and debt securities, but this has been criticised by those in the banking sector who feel that fair value played a huge role in the financial crisis. The IASB, which could change its name to the International Financial Reporting Standards Board, is scheduled to finalise its rules by the end of this year, with the FASB set to do so mid-2010.