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January 2009 » When Fair Value Is Not Fair
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Cindy Ma, PhD, CPA, CFA, and Andrew MacNamara, MBA
There are diverse opinions on fair value accounting. While many people recognize that Statement of Financial Accounting Standards (SFAS) 157, Fair Value Measurement, issued by the Financial Accounting Standards Board (FASB), does not represent a fundamental shift in the application of fair value accounting, others have called for the repeal of the standard in hopes of soothing the recent market chaos. We believe that this debate may have been influenced by certain misconceptions and misinterpretations of the accounting literature that seem to be reflected in some of the criticisms leveled against the standard recently.
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