Happens frequently, these days.

On Friday, in reference to the FASB's rapid-response turnaround on the two recent proposed fair value FSPs, I bleated:

"They'll have one day to consider the comment letters they receive. How many other proposals have they floated with that kind of deliberation? I can't think of any."

Quick-witted reader Edith Orenstein of the FEI Financial Reporting Blog reminded me that, yes, there has been another time when the FASB moved this quickly. It was just last fall, at the beginning of October, when the FASB and the SEC worked at hyper-speed to complete FSP FAS 157-3, "Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active." There was a day between the last day of the comment period and the board meeting resulting in the issuance of the FSP. (It was a much lesser project than either of the two proposed FSPs being considered now, however.)

Apparently, that project wasn't enough to get preparers and auditors to agree when markets were not providing fair-enough fair values. And here we go again with another turbo-project. History not only repeats itself: it now repeats itself pretty quickly these days.