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Should accounting standards reflect current events, or should they be written for the ages?
David M. Katz, CFO.com | US
August 31, 2007
Why is the FASB picking on pension funds when it seems that smoothing is as Main Street as apple pie. If markets are going to be trustworthy, financial reporting must be realistic. How can we push some to report more exposure when businesses are allowed to use Mark-to-Model or Mark-to-Make-Believe accounting? (see the following link for more http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/HowRegulatorsFedTheCreditMess.aspx ). There is a solution for this. If a businesses chooses to use "Mark-to-Model" or "Mark-to-Make-Believe", they must supply a detailed list of all transactions and their "Marks" in their quarterly reports. Joe
Posted by josef mueller | September 04, 2007 09:45 am
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