Thanks. Do you have a link?
On December 30, 2008, the SEC delivered its report to Congress recommending against the suspension of fair value accounting standards and concluding that SFAS 157 was not the cause of the recent bank failures. The SEC’s report includes an overall analysis of fair value accounting including mark-to-market accounting and SFAS 157 as subsets of fair value accounting.
This article briefly summarizes SFAS 157 and the current positions of the FASB and SEC.
It is on rightsidenews.com Sunday Oct 17, 2010.
Sorry, I forgot how to post a link.
I failed to place a dash (-) between “and-economics.”
The conclusion of the article says the boom would have continued had FASB 115 “hold to maturity” in the Private sector been left in place, while the government retains the right to value and write up Private Sector assets it refinances and acquires on a “hold to maturity” basis. The political intent was to shift control and ownership of capital to the elite and their chosen.