Volume 18, No. 6

 

Double Mint: Gumming Up Fair Value Reporting:  The pressure brought to bear on FASB to “fix mark-to-market accounting in three weeks or else” - Representative Paul Kanjorski’s message during March 12 hearings - resulted in the release of twin proposed FASB Staff Positions on St. Patrick’s Day, with a comment period ending on April Fool’s Day. For investors, there’s nothing to celebrate in these proposals; for a bank, their passage will be like owning the keys to the U.S. mint. In preparer/auditor debates over impairment, these changes will give the upper hand to preparers in valuing assets and postponing impairment recognition.

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