close

Practice

Business

Tax

Technology

Regulation

Resources

Rankings

Advertise With US

    Information

    FASB defends fair value

    FASB defends fair value

    'We believe fair value gives you more transparency into the underlying assets' - FASB

    Author Date published April 13, 2008 Categories

    Technical staff of the US Financial Accounting Standards Board defended fair
    value over the weekend, amidst questions raised by the senior figures.

    ‘We believe fair value gives you more transparency into the underlying
    assets,’ FASB technical director Russell Golden said.

    The standard has come under fire from US investment banks other financial
    institutions as caused large writedowns during the global credit crunch,
    WebCPA.com reported.

    CFA Institute CEO, Jeffrey Diermeier, said that 55% of respondents in a
    survey said fair value requirements had aggravated the global credit crises.

    Further reading:

    Fair Value
    Accounting Challenged

    Share

    Subscribe to get your daily business insights

    Get the latest analysis and reports delivered to your inbox daily

    Resources & Whitepapers

    Resources & Whitepapers

    The importance of UX in accounts payable: Often overlooked, always essential
    AP

    The importance of UX in accounts payable: Often overlooked, always essentia...

    1m Kloo

    The importance of UX in accounts payable: Often ov...

    Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

    View article
    The power of customisation in accounting systems
    Accounting Software

    The power of customisation in accounting systems

    2m Kloo

    The power of customisation in accounting systems

    Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

    View article
    Turn Accounts Payable into a value-engine
    Accounting Firms

    Turn Accounts Payable into a value-engine

    3y

    Turn Accounts Payable into a value-engine

    In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

    View resource
    8 Key metrics to measure to optimise accounts payable efficiency
    AP

    8 Key metrics to measure to optimise accounts payable efficiency

    2m Kloo

    8 Key metrics to measure to optimise accounts paya...

    Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

    View article

    Related Articles

    ICAEW proposes major £2 million minimum for Professional Indemnity Insurance
    Accounting Standards

    ICAEW proposes major £2 million minimum for Professional Indemnity Insuranc...

    2h Accountancy A

    ICAEW proposes major £2 million minimum for Profes...

    The ICAEW cited managing insurance costs, firms struggling to obtain coverage, assessing risk-taking capacity, and evolved firm structures as drivers ...

    View article
    IESBA to set new ethics and independence standards for sustainability reporting by 2024
    Accounting Standards

    IESBA to set new ethics and independence standards for sustainability repor...

    4d Rachael Kennedy

    IESBA to set new ethics and independence standards...

    The IESBA emphasizes the importance of timely and global adoption of their standards. For corporate accountants, this means staying updated with chang...

    View article
    KPMG's Dutch subsidiary hit with record £20 million fine for exam cheating
    Accounting Standards

    KPMG's Dutch subsidiary hit with record £20 million fine for exam cheating

    6d Rachael Kennedy

    KPMG's Dutch subsidiary hit with record £20 millio...

    KPMG's faces record fine for a widespread exam cheating scandal, implicating senior staff and highlighting systemic ethical issues in the professional...

    View article
    The PwC Australia Tax Scandal Explained: An Insider's Perspective
    Accounting Standards

    The PwC Australia Tax Scandal Explained: An Insider's Perspective

    3w Rachael Kennedy

    The PwC Australia Tax Scandal Explained: An Inside...

    PwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...

    View article
    Ethical Vigilance in Accounting: Navigating Risks and Upholding Integrity for Global Economic Stability
    Accounting Standards

    Ethical Vigilance in Accounting: Navigating Risks and Upholding Integrity f...

    1m Idris Nagri

    Ethical Vigilance in Accounting: Navigating Risks ...

    Accountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...

    View article
    IESBA floats stricter ESG reporting standards for review
    Accounting Standards

    IESBA floats stricter ESG reporting standards for review

    3m Idris Nagri

    IESBA floats stricter ESG reporting standards for ...

    The creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...

    View article
    FRC urged to reconsider enforcement criteria amidst industry evolution
    Accounting Standards

    FRC urged to reconsider enforcement criteria amidst industry evolution

    3m Idris Nagri

    FRC urged to reconsider enforcement criteria amids...

    Changes will help to make accounting profession more attractive, ICAEW boss says Read More...

    View article
    FRC says volume of Tier 2 and 3 audit firms requiring improvement is 'unacceptable'
    Accounting Standards

    FRC says volume of Tier 2 and 3 audit firms requiring improvement is 'unacc...

    4m Idris Nagri

    FRC says volume of Tier 2 and 3 audit firms requir...

    38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...

    View article