Fair enough?


Fair-value accounting has come in for stick over the past year. At first, the mutterings were largely confined to banks, weighed down by ever-growing writedowns on illiquid structured credit investments. More recently, politicians have got into the act, with some calling for mark-to-market accounting to be suspended or scrapped altogether.

The argument is simple: market prices on some complex instruments have been driven by illiquidity and investor fear, and no longer reflect fundamental value

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