FAS 157 is designed to standardize the way companies measure assets at market values. The standard will be mandatory for financial statements prepared in accordance with generally accepted accounting principles for fiscal years beginning after Nov. 15, 2007.

While it voted against a full-scale delay, the board said it will consider a delay for certain FAS 157 provisions, such as for nonfinancial assets and liabilities, and whether to give private and small public companies more time to implement the standard.

Industry groups such as Financial Executives International had lobbied for a full-scale delay. In a comment letter issued earlier this month, FEI said, "FAS 157 requires us to learn how to develop measurements of hypothetical transactions based on hypothetical market participant assumptions that may never actually manifest themselves in a transaction."

FEI said a "one-year deferral is necessary in order to resolve the growing number of implementation issues and to enable companies to be in a position to fully comply with the requirements of the standard."