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Mark to Market and Fair Value Accounting: An Examination
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Editors: James W. Curtis
Book Description:
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-1970's, 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 subprime-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.

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Table of Contents:
Preface

Chapter 1. Fair Value Accounting: Context and Current Concerns (pp. 1-23)
Gary Shorter

Chapter 2. Written Testimony of Tanya S. Beder, Chairman, SBCC Group Inc. Prepared for the U.S. House of Representatives, Committee on Financial Services, Subcommittee on Capital Markets, Insurance and
Government Sponsored Enterprises, March 12, 2009 (pp. 25-32)

Chapter 3. Statement of the Commercial Mortgage Securities Association, before the United States House of Representatives Committee on Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, Hearing on “Mark-
to-Market Accounting: Practices and Implications”, March 12, 2009 (pp. 33-40)

Chapter 4. Testimony of Cynthia Fornelli, Executive Director, Center for Audit Quality, before the United States House of Representatives
Committee on Financial Services, Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, Thursday, March 12,
2009, Full Text of Testimony (pp. 41-51)

Chapter 5. Testimony of Robert H. Herz, Chairman, Financial Accounting Standards Board, before the U.S. House of Representatives Financial Services Subcommittee, on Capital Markets, Insurance, and Government Sponsored Entities, March 12, 2009, Full Text of Testimony (pp. 53-72)

Chapter 6. Testimony of Robert H. Herz, Chairman, Financial Accounting Standards Board, before the U.S. House of Representatives Financial Services Subcommittee, on Capital Markets, Insurance,
and Government Sponsored Entities, March 12, 2009 (pp. 73-75)

Chapter 7. Testimony of Robert H. Herz, Chairman, Financial Accounting Standards Board, before the U.S. House of Representatives Financial Services Subcommittee, on Capital Markets, Insurance,
and Government Sponsored Entities, March 12, 2009 (pp. 77-82)

Chapter 8. Testimony of Robert H. Herz, Chairman, Financial Accounting Standards Board, before the U.S. House of Representatives Financial Services Subcommittee, on Capital Markets, Insurance,
and Government Sponsored Entities, March 12, 2009 (pp. 83-87)

Chapter 9. Testimony of Robert H. Herz, Chairman, Financial Accounting Standards Board, before the, U.S. House of Representatives Financial Services Subcommittee, on Capital Markets, Insurance, and Government Sponsored Entities, March 12, 2009 (pp. 89-96)

Chapter 10. Testimony of Robert H. Herz, Chairman, Financial Accounting Standards Board, before the U.S. House of Representatives Financial Services Subcommittee, on Capital Markets, Insurance,
and Government Sponsored Entities, March 12, 2009 (pp. 97-99)

Chapter 11. Testimony of Robert H. Herz, Chairman, Financial Accounting Standards Board, before the U.S. House of Representatives Financial Services Subcommittee, on Capital Markets, Insurance, and Government Sponsored Entities, March 12, 2009 (pp. 101-106)

Chapter 12. Testimony of Robert H. Herz, Chairman, Financial Accounting Standards Board, before the U.S. House of Representatives Financial Services Subcommittee, on Capital Markets, Insurance, and
Government Sponsored Entities, March 12, 2009 (pp. 107-109)

Chapter 13. Testimony of William M. Isaac, Chairman, the Secura Group of Lecg, Former Chairman, Federal Deposit Insurance Corporation, before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, U.S. House of Representatives Committee on Financial Services, Washington, DC, March 12, 2009 (pp. 111-119)

Chapter 14. Opening Statement of Congressman Paul E. Kanjorski, Subcommittee on Capital Markets, Insurance, and Government Sponsored
Enterprises, Hearing on Mark-to-Market Accounting: Practices and Implications, March 12, 2009 (pp. 121-123)

Chapter 15. Testimony of Kevin J. Bailey, Deputy Comptroller, Office of the Comptroller of the Currency, before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services of the United States House of Representatives, March 12, 2009 (pp. 125-140)

Chapter 16. Testimony of James Kroeker, Acting Chief Accountant, U.S. Securities and Commission, Concerning Mark—to-Market Accounting: Practices and Implications, before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, Committee on Financial Services, U.S. House of Representatives, March 12, 2009 (pp. 141-151)

Chapter 17. Testimony of Jeffrey P. Mahoney, General Counsel, Council of Institutional Investors, before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services, March 12, 2009 (pp. 153-221)

Chapter 18. Statement of Robert McTeer, Ph.D., Distinguished Fellow, National Center for Policy Analysis on Mark-to-Market Accounting Practices and Implications, Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, United States House of Representatives, March 12, 2009 (pp. 223-226)

Chapter 19. Statement of Thomas Bailey, President and CEO, Brentwood Bank, on Behalf of the Pennsylvania Association of Community Bankers and The Independent Community Bankers of America, Subcommittee on Capital Markets, Insurance, and Government
Sponsored Enterprises, House Financial Services Committee, March 12, 2009 (227-235)

Index

   Series:
      Business Economics in a Rapidly-Changing World
   Binding: Hardcover
   Pub. Date: 2009
   Pages: 6 x 9, 249 pp.
   ISBN: 978-1-60741-996-9
   Status: AV
  
Status Code Description
AN Announcing
FM Formatting
PP Page Proofs
FP Final Production
EP Editorial Production
PR At Prepress
AP At Press
AV Available
  
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Mark to Market and Fair Value Accounting: An Examination