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.
takes £459m fair value hit
defends fair value
banks prepare for further writedowns
urges IASB to fix off balance sheet rules
adviser distances itself from ‘smoothing’
assets dismissed as a ‘worse answer’ to fair value
report urges accounting rule changes
calls for fair value review
blames $1trillion credit crisis on lax financial rigour
audit committee head to step down
of Scotland chief warns fair value could lead to recession
struck by £32m writedown
crunch sparks fair value revolt
advisers urge fair value rethink
shareholders blast bank on aggressive writedowns
are predicting a flood of claims
tells companies to lift lid off fair value
push for accounting rules review
defends use of ‘fair value’ accounting
holds crisis meetings on ‘fair value’
Comment & analysis
value: what lies beneath?
blame the messenger
the fun of the fair!
value: standard scapegoat
fair value – is it a fair cop?
to fair value?
have a confident approach
pushes for more credit crunch disclosures
crunch special: private equity
crunch special: liability crunch
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