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- W1489337003 abstract "In 2008, financial institutions faced unprecedented financial, economic and social challenges. What began as a financial institution and mortgage issue has had devastating effects on all sectors of the economy, both in the United States and abroad. Scholars, investors, analysts, and the general public are all asking the same question: How did this happen to one of the most sophisticated financial systems in the world? Some put the blame on the Securities and Exchange Commission (SEC) or the Financial Accounting Standards Board (FASB), and say that the requirement to account for securities on a mark-to-market or fair value basis played a key role in the financial crisis and banking failures. These proponents argue that in an economic downturn, fair value accounting causes excessive volatility that does not reflect the true underlying value of assets, forcing companies to impair their regulatory capital position by recognizing losses too quickly and all at once. Those who believe that fair value accounting is the best accounting measure argue that it better reflects the risks associated with the assets. These proponents believe that any other measure would mask real losses that should be taken into account by investors when making their decisions. This Note examines the fair value accounting standards in the United States and discusses whether accounting regulation played a substantial role in the financial crisis and bank failures. In order to make this assessment, the Note reviews the fair value accounting literature for the measurement and disclosure offinancial instruments as well as the history associated with the reasons these standards were put in place. This includes a discussion and analysis of the recently finalized accounting regulation on fair value accounting that was put in place to address the financial crisis. In addition, the Note explores the arguments for and against fair value accounting and assesses these arguments using examples from the history of the United States and Japan, as well as some banks and investment banks that failed in 2008. While there is some legitimate debate regarding which accounting measure should be used in certain situations, this Note concludes that the arguments supporting fair value accounting for financial instruments are" @default.
- W1489337003 created "2016-06-24" @default.
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- W1489337003 date "2010-01-01" @default.
- W1489337003 modified "2023-09-24" @default.
- W1489337003 title "Fair Value Accounting: Friend or Foe?" @default.
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