SEC gives thumbs-up to fair value

Christopher Cox, chairman of the US Securities and Exchange Commission (SEC), backed fair value accounting in a speech to the American Institute of Certified Public Accountants late last year, but said some aspects, particularly rules on impairment, needed improvement.

Cox said the majority of investors and bankers agree fair value is an effective measure for assets. He also underlined the importance of safeguarding the independence of the Financial Accounting Standards Board (FASB).

Cox did

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