Targeting Mark-to-Market Accounting
Thursday, March 12, 2009
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Mark-to-market -- or fair value -- accounting could be on its way out. Congress is consider killing the rule that some experts say helped make the financial crisis worse. NBR's Stephanie Dhue looks at the arguments for and against suspending mark-to-market.
Discuss this story on XChange - The NBR Blog.
Related NBR Stories & Links
- 10-08-08: One on One with Robert McTeer, Former President Dallas Federal Reserve Bank
- 09-30-08: "XChange, The NBR Blog" - Mark-to-Market Accounting and the Financial Crisis
- 07-07-08: The SEC/Federal Reserve Information Sharing Pact
- 11-05-07: The Shake Up at Citi Sends Shockwaves Through the Financial World
External Links/Articles*
- American Bankers Association (ABA)
The ABA is an advocate for the banking industry. Ed Yingling, head of the ABA, is interviewed in Stephanie Dhue's report. This links to the ABA's position statement about fair value -- or mark-to-market -- accounting. - The American Institute of Certified Public Accountants (AICPA)
This links to an AICPA fact sheet titled, "Fair Value Basics Explained." - Center for Audit Quality (CAQ)
The Center for Audit Quality is a nonprofit, nonpartisan orgnaization focused on fostering confidence in the audit process. CAQ Executive Director City Fornelli testified at today's hearing on mark-to-market accounting. This links to a CAQ press release about Fornelli's testimony. - Financial Accounting Standards Board (FASB)
FASB is a private organization that sets standards for financial accounting and reporting. FASB Chairman Robert H. Herz testified at today's hearing on mark-to-market accounting. This links to a FASB press release about Herz's testimony. - Knowledge@Wharton
Knowledge@Wharton is the online business journal published by The Wharton School of Business and The University of Pennsylvania. This links to an article published in the journal on April 25, 2001 offers great background information about just what fair value accounting is as well as some information about what existed before fair value -- historical cost accounting. The title of the article is "Historical Cost vs. Current Cost: Accountants Wrestle with Reporting Question." - U.S. House Committee on Financial Services
The Financial Services Committe, headed by Congressman Barney Frank (D - Massachusetts), held today's hearing on mark-to-market accounting. This links to information about the hearing, including copies of witness testimony.
*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.
