I see that Bloomberg reports that the accounting standards people in the US (FASB) are being “pressured by lawmakers” to change the fair-value rules which are “blamed for worsening the financial crisis”. Apparently this will enable “significant judgment” to be used instead of slavishly following market prices in cases where lack of liquidity renders those prices useless.
Hopefully some common sense will prevail but I’m not holding my breath.
See the story here.
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