Fair Value Free-For-All: Statement 159 Arrives Last month, the FASB issued Statement 159 - "The Fair Value Option for Financial Assets and Financial Liabilities." The statement didn't draw much attention in the financial press. After all, it's not a standard that will torch earnings with newly-recognized expenses like Statement 123R added when it required accounting for stock compensation, or shine a light on shadowy leverage in balance sheets like Statement 158's changes in benefit plan accounting. It's an option, not a requirement; unless firms choose it, life will go on as usual for investors. And if firms choose to adopt Statement 159, investors should be s not likely that there will be many early adopters of Statement 159, investors might start seeing its application in financials as early as the first quarter of 2007.