The verdict on fair value accounting: guilty.
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-Statement of Cash Flows
-Marked to Market Balance Sheet.
Thus we would have multiple perspectives on asset values, just as cash flows and accrual accounting are multiple perspectives on operations. But we wouldn’t have accounting feeding the downward spiral of a panic (or for that matter, helping inflate a bubble).
Faced with the current effects of its fair value theory and consequent criticisms, the FASB has redoubled its commitment to the theory and announced it wants to take it even further. Thoughtful government policy makers are unlikely to share the view that “I must follow my accounting theory, though the heavens fall.” Somebody needs to simply overrule FASB. If the SEC won’t do it, then who? Well, FASB is a government-sponsored entity, which ultimately works for and has its funding mandated by Congress.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?