Fair Value Accounting and the Global Financial Crisis 2007
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The recent financial crisis has turned the spotlight on fair-value accounting (FVA) and led to a major policy debate involving among others the US Congress, the European Commission as well as banking and accounting regulators around the world. Critics argue that FVA, often also called mark-to-market accounting (MTM), has significantly contributed to the financial crisis and exacerbated its severity for financial institutions in the US and around the world
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Solution Summary
The solution describes the use of fair value accounting as a financial reporting standard and the extent of its relevance to the global financial melt-down in 2007. The work also elaborates on the future of fair value accounting with reference to IFRS.
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