I had planned to write a completely different column for this month—but, much like the Treasury Department, was inspired by recent events regarding the credit crisis to change course.
Let’s talk about fair value accounting.
First, it amazed me that the so-called Bailout Bill, as passed, had provisions associated with fair-value accounting in it. Congress isn’t exactly the group that should be determining accounting standards! Last I looked, neither the House nor the Senate had any working accountants in their membership. If they only took the time to study what the Financial Accounting Standards Board was doing in the first place, they ...