This week, as reported in the Financial Times, Charlie McCreevy, European markets commissioner, has said he believes there are 'real accounting issues' to examine in relation to fair value accounting for illiquid markets.

The EU has a history of putting pressure on the IASB, the guardian of fair value accounting, and it looks as if McCreevy could placing himself at the lead of this particular bout of argument.

There have been very vocal calls in the US for fair value to be suspended, but as yet no one has moved on the issue.

The alternatives are still to be decided though EFRAG, the body that advises the Commission on accounting issues, has begun arguing strenuously and publicly for the use of average market price over a fixed period.

Is it too early now to say it's only a matter of time before we bid adieu to fair value?