Wednesday, December 31, 2008
SEC to Congress: Improve, don't suspend, fair value accounting rule
FAIR VALUE ACCOUNTING WAS NOT A SIGNIFICANT CAUSE of the bank failures of 2008, the Securities and Exchange Commission told Congress in a 211-page report mandated by the Emergency Economic Stabilization Act of 2008. Banks had argued that the accounting standards forced them to take huge markdowns on their balance sheets and fueled investor unease. The SEC disagreed, but said there is room for improvement.
Read more:
SEC press release
SEC report
MarketWatch
Washington Post
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