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10 Apr 2008
When fair value accounting was first brought in by the International Accounting Standards Board a few years ago, there was some grumbling about the volatility it would introduce, but in a buoyant economy it made company figures look good, so the matter passed.
But with the credit crunch now in full swing the matter has been brought to a head as figures take a turn for the worse. Companies, regulators and politicians are all attacking the accounting method, banks are making huge write downs in their books and accountants are taking some of the flak for it. Should companies simply ride out the current economic storm, or should fair value be replaced with a 'fairer' method of accounting.
Click on the links below to read the latest news, comment and features on this volatile subject.
News
Prudential takes £459m fair value hit
US banks prepare for further writedowns
FSF urges IASB to fix off balance sheet rules
EU adviser distances itself from 'smoothing'
Smoothed assets dismissed as a 'worse answer' to fair value
IIF report urges accounting rule changes
IMF calls for fair value review
IMF blames $1trillion credit crisis on lax financial rigour
Citigroup's audit committee head to step down
Bank of Scotland chief warns fair value could lead to recession
Co-op struck by £32m writedown
Credit crunch sparks fair value revolt
EC advisers urge fair value rethink
Rock shareholders blast bank on aggressive writedowns
Lawyers are predicting a flood of claims
SEC tells companies to lift lid off fair value
Watchdogs push for accounting rules review
IASB defends use of ‘fair value’ accounting
FSA holds crisis meetings on ‘fair value’
Comment & analysis
Fair value: what lies beneath?
Fair value: standard scapegoat
Blaming fair value - is it a fair cop?
Finance: have a confident approach
SEC pushes for more credit crunch disclosures
Features
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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