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Accounting
by leon on October 15, 2008
The Financial Accounting Standards Board is under attack for giving companies guidance on valuing assets in inactive markets, without changing the fair value rule.
The FASB has sought to clarify the rule, and allow companies to use their managers' estimates of value. But the ruling has not cut any with the banks which have asked the Securities and Exchange Commission to intervene.
Still, economists Brian Wesbury and Bob Stein say it could mark a turning point. Writing in Forbes, they say it tilts the balance away from the short-sellers. Maybe, but the problem for the banks in this market is that the rules remain in place.
Permalink: FASB-fair value fire storm
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