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Regulators Draw Fire in Congress
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FASB chairman Herzl says there is room for use of "appropriate judgement" and flexibility in use of mark to market accounting rules, and the idea is to get a fair price of the asset. When there are illiquid markets cash flows from the asset can be used to get a fair price. When the borrower behind the assets has weakness this can be reflected in the fair value of the asset. The idea is not to let the illiquid market lead to an irrationally low price of the asset on that count alone. Congress is looking for faster action from the FASB, to introduce flexibility that doesn't lead to irrationally low prices for assets, exacerbating the down market. Herzl says he will give more guidance in about 3 weeks.
FASB's accounting rules for pricing illiquid assets in the global financial crisis of 2008
03/13/2009
Grouped Articles
Regulators Draw Fire in Congress
Wall Street Journal 03/13/2009
The FASB's mark-to-market accounting rule and pricing of assets in an illiquid market.
10/02/2008
How the mark-to-market accounting rule could be exacerbating the current financial crisis. The need to price assets so that they reflect a realistic drop in value without pricing them at distress levels in a illiquid market.
Grouped Articles
Momentum Gathers to Ease Mark-to-Market Accounting Rule
Wall Street Journal 10/02/2008
FASB Rules Come Under Fire by Banks
Wall Street Journal 10/14/2008
Mark-to-Market Likely to Remain
Wall Street Journal 12/08/2008
Wall Street Journal 12/22/2008
Regulators Draw Fire in Congress
Wall Street Journal 03/13/2009
The US Financial Accounting Standards Board (FASB)
03/13/2009
Grouped Articles
Regulators Draw Fire in Congress
Wall Street Journal 03/13/2009
Seidman Named Chairman of FASB
Wall Street Journal 12/24/2010
Leslie Seidman Named to Lead Accounting Standards Board
New York Times 12/23/2010
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