The Financial Accounting Standards Board (FASB) has announced the launch of two projects aimed to improve fair value rules.
According to the organisation, the move will develop the disclosure of estimates and the application of guidance used to determine fair value.
Mr Herz said: "The FASB is immediately embarking on projects that directly address areas that constituents have told us are challenging in the current environment, and which will improve disclosures in financial reports."
He added that the FASB agrees with advice from the Securities and Exchange Commission that more guidance is needed to determine fair value in the current market conditions.
It is expected that the project on application guidance will be complete by the second quarter of 2009, while improving disclosures will be ready in time for year-end financial reporting.
Meanwhile, the International Federation of Accountants has said that it is seeking nominations for its boards and committees of 2010.
The organisation has stated it is striving for geographical, professional and gender diversity and nominations from varying backgrounds will be encouraged.
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