Coverart for item
The Resource Mark to market and fair value accounting : an examination, James W. Curtis, editor

Mark to market and fair value accounting : an examination, James W. Curtis, editor

Label
Mark to market and fair value accounting : an examination
Title
Mark to market and fair value accounting
Title remainder
an examination
Statement of responsibility
James W. Curtis, editor
Contributor
Subject
Genre
Language
eng
Summary
Annotation
Member of
Cataloging source
N$T
Dewey number
657
Illustrations
illustrations
Index
index present
LC call number
HF5616.U5
LC item number
M37 2009eb
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
Curtis, James W
Series statement
Business economics in a rapidly-changing world series
http://library.link/vocab/subjectName
  • Financial Accounting Standards Board
  • Corporations
  • Fair value
  • Global Financial Crisis, 2008-2009
  • Financial Accounting Standards Board
  • BUSINESS & ECONOMICS
  • Corporations
  • United States
Summary expansion
This book focuses on Fair Value Accounting which is a market-based accounting system for determining the value of assets and liabilities. Since the mid-1970s, the Financial Accounting Standards Board (FASB), the accounting standard setter that derives its informal authority from the Securities an Exchange Commission (SEC), has gradually been moving the nation from an accounting system based entirely on historic cost-based measurements of assets and liabilities to one based in part on fair value. Its basic reasoning is that fair value accounting provides market-based information that is more meaningful to investors. In 2006, FASB released Financial Accounting Standards No. 157, which refined previous fair value directives to further define the concept and clarified how to value instruments. FAS 157 went into effect in late 2007, a period that coincided with the growing severity of the current sub-prime-based financial turmoil. The worsening crisis helped fuel opposition to FAS 157. Opponents, including insurance firms and banks, argued that FAS 157 and fair value accounting protocol exacerbated the effects of the financial crisis by forcing holders to severely write down distressed or illiquid assets, which were often mortgage-backed securities, to levels far below their "true economic values". This book consists of public domain documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access
Label
Mark to market and fair value accounting : an examination, James W. Curtis, editor
Instantiates
Publication
Antecedent source
unknown
Bibliography note
Includes bibliographical references and index
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • MARK TO MARKET AND FAIRVALUE ACCOUNTING:AN EXAMINATION; CONTENTS; PREFACE; FAIR VALUE ACCOUNTING:CONTEXT AND CURRENT CONCERNS*; ABSTRACT; HISTORICAL COST ACCOUNTING VS. FAIR VALUEACCOUNTING; THE FINANCIAL ACCOUNTING STANDARDS BOARD; THE SARBANES-OXLEY ACT OF 2002,THE SEC, AND FASB; FAIR VALUE AND MARK- TO-MARKET ACCOUNTING, ANDSECURITIES THAT ARE DESIGNATED AS TRADEABLE, HELD-TOMATURITY, AND AVAILABLE FOR SALE; FINANCIAL ACCOUNTING STANDARD 157; BASIC DIVISIONS BETWEEN SUPPORTERSAND OPPONENTSOF FAIR VALUE ACCOUNTING; CONGRESSIONAL INTEREST; KEY ARGUMENTS AGAINST FAIR VALUE ACCOUNTING
  • KEY ARGUMENTS IN FAVOR OFFAIR VALUE ACCOUNTINGTHE SEC EXAMINES THE IMPACT OF FAIRVALUEACCOUNTING ON FINANCIAL SERVICEFIRMS' BALANCESHEETS, INCOME STATEMENTS, AND ON BANK FAILURES; SOME PROPOSED REFORMS; SOME RECENT DEVELOPMENTS; The FASB Clarification of October 2008; The Group of 30 Report; FASB's 2009 Fair Value Projects; REFERENCES; WRITTEN TESTIMONY OF TANYA S. BEDER[1], CHAIRMAN, SBCC GROUP INC. PREPAREDFOR THE U.S. HOUSE OF REPRESENTATIVES, COMMITTEE ON FINANCIAL SERVICES, SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE AND GOVERNMENT SPONSOREDENTERPRISES, MARCH 12, 2009
  • 1. ON SUSPENDING MARK-TO-MARKET ACCOUNTINGRecommendation; 2. ON "FAIR"" VALUE; Recommendation; 3. WE SHOULD NOT RELY ON SINGLE MEASURES; Recommendation; 4. ON PRO-CYCLICALITY; Recommendation; REFERENCES; STATEMENT OF THE COMMERCIALMORTGAGE SECURITIES ASSOCIATION, BEFORE THE UNITED STATES HOUSE OFREPRESENTATIVES COMMITTEE ONFINANCIAL SERVICES SUBCOMMITTEE ONCAPITAL MARKETS, INSURANCE, ANDGOVERNMENT SPONSORED ENTERPRISES, HEARING ON "MARK-TO-MARKETACCOUNTING: PRACTICES ANDIMPLICATIONS", MARCH 12, 2009; BACKGROUND; THE PROBLEM:MARKET DISRUPTIONS AND FVA; POSSIBLE SOLUTIONS
  • TESTIMONY OF CYNTHIA FORNELLI, EXECUTIVE DIRECTOR, CENTER FOR AUDITQUALITY, BEFORE THE UNITED STATESHOUSE OF REPRESENTATIVES COMMITTEE ONFINANCIAL SERVICES, SUBCOMMITTEE ONCAPITAL MARKETS, INSURANCE ANDGOVERNMENT SPONSORED ENTERPRISES, THURSDAY, MARCH 12, 2009,FULL TEXT OF TESTIMONYINTRODUCTION; THE VALUE OF FAIR VALUE; ADDRESSING CAPITAL ADEQUACY CONCERNS; PROPOSALS FOR IMPROVING FAIR VALUEAND ADDRESSING THE FINANCIAL CRISIS; THE IMPORTANCE OF INDEPENDENT STANDARD SETTING; THE IMPORTANCE OF INDEPENDENT STANDARD SETTING; REFERENCES
  • TESTIMONY OF ROBERT H. HERZ, CHAIRMAN, FINANCIAL ACCOUNTINGSTANDARDS BOARD, BEFORE THE U.S. HOUSEOF REPRESENTATIVES FINANCIAL SERVICESSUBCOMMITTEE, ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSOREDENTITIES, MARCH 12, 2009,FULL TEXT OF TESTIMONYINTRODUCTION; THE FASB; WHAT PROCESS DOES THE FASB FOLLOW INDEVELOPING ACCOUNTING STANDARDS?; THE ROLE OF ACCOUNTING STANDARD SETTERS ANDTHE ROLE OF PRUDENTIAL REGULATORS; WHAT IS FAIR VALUE MEASUREMENTAND ITS ROLE IN ACCOUNTING?; SOME OBSERVATIONS ON RECENT CALLS TO SUSPENDAPPLICATION OF FAIR VALUE ACCOUNTING
Control code
777548892
Dimensions
unknown
Extent
1 online resource (viii, 249 pages)
File format
unknown
Form of item
online
Isbn
9781614702153
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
9781607419969
Other physical details
illustrations
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)777548892
Label
Mark to market and fair value accounting : an examination, James W. Curtis, editor
Publication
Antecedent source
unknown
Bibliography note
Includes bibliographical references and index
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • MARK TO MARKET AND FAIRVALUE ACCOUNTING:AN EXAMINATION; CONTENTS; PREFACE; FAIR VALUE ACCOUNTING:CONTEXT AND CURRENT CONCERNS*; ABSTRACT; HISTORICAL COST ACCOUNTING VS. FAIR VALUEACCOUNTING; THE FINANCIAL ACCOUNTING STANDARDS BOARD; THE SARBANES-OXLEY ACT OF 2002,THE SEC, AND FASB; FAIR VALUE AND MARK- TO-MARKET ACCOUNTING, ANDSECURITIES THAT ARE DESIGNATED AS TRADEABLE, HELD-TOMATURITY, AND AVAILABLE FOR SALE; FINANCIAL ACCOUNTING STANDARD 157; BASIC DIVISIONS BETWEEN SUPPORTERSAND OPPONENTSOF FAIR VALUE ACCOUNTING; CONGRESSIONAL INTEREST; KEY ARGUMENTS AGAINST FAIR VALUE ACCOUNTING
  • KEY ARGUMENTS IN FAVOR OFFAIR VALUE ACCOUNTINGTHE SEC EXAMINES THE IMPACT OF FAIRVALUEACCOUNTING ON FINANCIAL SERVICEFIRMS' BALANCESHEETS, INCOME STATEMENTS, AND ON BANK FAILURES; SOME PROPOSED REFORMS; SOME RECENT DEVELOPMENTS; The FASB Clarification of October 2008; The Group of 30 Report; FASB's 2009 Fair Value Projects; REFERENCES; WRITTEN TESTIMONY OF TANYA S. BEDER[1], CHAIRMAN, SBCC GROUP INC. PREPAREDFOR THE U.S. HOUSE OF REPRESENTATIVES, COMMITTEE ON FINANCIAL SERVICES, SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE AND GOVERNMENT SPONSOREDENTERPRISES, MARCH 12, 2009
  • 1. ON SUSPENDING MARK-TO-MARKET ACCOUNTINGRecommendation; 2. ON "FAIR"" VALUE; Recommendation; 3. WE SHOULD NOT RELY ON SINGLE MEASURES; Recommendation; 4. ON PRO-CYCLICALITY; Recommendation; REFERENCES; STATEMENT OF THE COMMERCIALMORTGAGE SECURITIES ASSOCIATION, BEFORE THE UNITED STATES HOUSE OFREPRESENTATIVES COMMITTEE ONFINANCIAL SERVICES SUBCOMMITTEE ONCAPITAL MARKETS, INSURANCE, ANDGOVERNMENT SPONSORED ENTERPRISES, HEARING ON "MARK-TO-MARKETACCOUNTING: PRACTICES ANDIMPLICATIONS", MARCH 12, 2009; BACKGROUND; THE PROBLEM:MARKET DISRUPTIONS AND FVA; POSSIBLE SOLUTIONS
  • TESTIMONY OF CYNTHIA FORNELLI, EXECUTIVE DIRECTOR, CENTER FOR AUDITQUALITY, BEFORE THE UNITED STATESHOUSE OF REPRESENTATIVES COMMITTEE ONFINANCIAL SERVICES, SUBCOMMITTEE ONCAPITAL MARKETS, INSURANCE ANDGOVERNMENT SPONSORED ENTERPRISES, THURSDAY, MARCH 12, 2009,FULL TEXT OF TESTIMONYINTRODUCTION; THE VALUE OF FAIR VALUE; ADDRESSING CAPITAL ADEQUACY CONCERNS; PROPOSALS FOR IMPROVING FAIR VALUEAND ADDRESSING THE FINANCIAL CRISIS; THE IMPORTANCE OF INDEPENDENT STANDARD SETTING; THE IMPORTANCE OF INDEPENDENT STANDARD SETTING; REFERENCES
  • TESTIMONY OF ROBERT H. HERZ, CHAIRMAN, FINANCIAL ACCOUNTINGSTANDARDS BOARD, BEFORE THE U.S. HOUSEOF REPRESENTATIVES FINANCIAL SERVICESSUBCOMMITTEE, ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSOREDENTITIES, MARCH 12, 2009,FULL TEXT OF TESTIMONYINTRODUCTION; THE FASB; WHAT PROCESS DOES THE FASB FOLLOW INDEVELOPING ACCOUNTING STANDARDS?; THE ROLE OF ACCOUNTING STANDARD SETTERS ANDTHE ROLE OF PRUDENTIAL REGULATORS; WHAT IS FAIR VALUE MEASUREMENTAND ITS ROLE IN ACCOUNTING?; SOME OBSERVATIONS ON RECENT CALLS TO SUSPENDAPPLICATION OF FAIR VALUE ACCOUNTING
Control code
777548892
Dimensions
unknown
Extent
1 online resource (viii, 249 pages)
File format
unknown
Form of item
online
Isbn
9781614702153
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
9781607419969
Other physical details
illustrations
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)777548892

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      38.710138 -90.311107
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