Fair value accounting - Understanding the issues Ryan

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1、FAIRVALUEACCOUNTING:UNDERSTANDINGTHEISSUESRAISEDBYTHECREDITCRUNCHPreparedbyStephenG.RyanProfessorofAccountingandPeatMarwickFacultyFellowSternSchoolofBusiness,NewYorkUniversityJuly2008FAIRVALUEACCOUNTING:UNDERSTANDINGTHEISSUESRAISEDBYTHECREDITCRUNCHpreparedby

2、StephenG.RyanProfessorofAccountingandPeatMarwickFacultyFellowSternSchoolofBusiness,NewYorkUniversity∗fortheCouncilofInstitutionalInvestorsJuly2008∗ThiswhitepaperwascommissionedbytheCouncilofInstitutionalInvestorsforthepurposeofeducatingitsmembers,policymaker

3、sandthegeneralpublicabouttheimportantandtimelytopicoffairvalueaccountinganditspotentialimpactoninvestors.TheviewsandopinionsexpressedinthepaperarethoseofProfessorRyananddonotnecessarilyrepresenttheviewsoropinionsoftheCouncilmembers,boardofdirectorsorstaff.Of

4、ficialpolicypositionsoftheCouncilaredeterminedonlyafteranextensivedueprocessthatincludesapprovalbyavoteoftheCouncilboardandmembership.FAIRVALUEACCOUNTING:UNDERSTANDINGTHEISSUESRAISEDBYTHECREDITCRUNCHTableofContentsExecutiveSummary............................

5、................................................................................1I.Introduction.................................................................................................................2II.BackgroundInformationAbstractingfromtheCreditC

6、runch...................................3A.FairValueAccounting............................................................................................3B.TheLimitedAlternativeofAmortizedCostAccounting.......................................5C.TheUnsatisfyi

7、ngMixed-AttributeAccountingModelforFinancialInstruments.7III.FAS157..................................................................................................................9A.DefinitionofFairValue.....................................................

8、.....................................9B.HierarchyofFairValueMeasurementInputs......................................................10IV.PotentialCriticismsofFairValueAccountingDuringtheCreditCru