The Financial Accounting Standards Board votes thumbs-down on a one-year breather for companies to comply with FAS 157.
Sarah Johnson, CFO.com | US
October 17, 2007
I can think of no other conceivable situation in which accountants and auditors would ever even be concerned with historical cost instead of FAS 157 than upon disposition of assets. Everything else seems to be some quick fix solution for a financial and banking industry in turmoil that doesn't seem to comprehend the severity of its potential losses just because it cannot competently measure "value" for securities available for or held for sale. How would FAS 157 be applied to securities held to maturity?
Posted by Michael Hemingway | August 31, 2010 02:26 pm
Sarah, I was just looking at some articles on fair value and found it interesting you wrote one year ago today: "Ready or Not, Here Comes Fair Value." Spooky, and its not even Halloween!
Posted by Edith Orenstein | October 17, 2008 01:10 pm
http://financialpetition.org/ Citizens For Financial Responsibility There is rampant, outright fraud in our financial system. Through a number of schemes various institutions are sacrificing the markets’ integrity and financial strength while undermining the credibility of The United States as the world’s leading economy.
Posted by William William | October 19, 2007 06:45 am© CFO Publishing Corporation 2009. All rights reserved.