The American Banking Association (ABA) said it is `deeply concerned’ about the US standard setter’s plans to expand fair-value accounting to loans and other securities, reports Reuters.

U.S. accounting rule makers met on Thursday to consider expanding mark-to-market accounting rules to loans and other securities, moving ahead with a plan already strongly opposed by banks.

The London-based International Accounting Standards Board has also been working on a similar change, but is moving at a slightly faster pace and is expected to release its proposal later this year.