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Debate Over Fair Value Accounting: Should We Allow Politics To Take An Active Role In Setting Accounting Standards Or Should We Trust That The Sec Knows Best?, Melina Botcheva
Honors Scholar Theses
In light of the recent economic downfall, there has been significant media coverage on the topic of fair value accounting. There are many critics of the accounting rule, who place blame on it for the destruction of billions of dollars in capital between financial institutions. Other commentators, however, see the rule as necessary and applaud its ability to bring the turmoil in the economy into the spotlight promptly so that it could be addressed effectively. This paper will begin by conducting a study of fair-value accounting from its inception in previous standards and then follow it through to Statement No. …