Mark-to-market accounting revisited

When it was introduced in 1998, mark-to-market accounting was expected to bring more transparency and credibility to accounting for derivatives. Yet US energy firms with big exposures to MtM accounting are taking a beating in the stock and bond markets this year. Many of these firms reported revenues based on their internal forecasts of forward prices, which have now been exposed as inflated under more transparent accounting rules.

The rules governing the reporting of derivatives gains and losses

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