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FAS 157 Amendments Lack Substance, Alter Integrity Of Financial Reports

By Keith Griffin

Proposed revisions to the fair value accounting standard known as FAS 157 have garnered harsh criticism from those who say the changes are ambiguous and undefined, lack substance and will create further inconsistencies as banks assign value to some assets.  Under current FAS 157 rules, three different valuation levels exist for banks to price their mark-to-market [...]

Full post as published by Representing Investors on April 01, 2009 (boomark / email).