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GAAP.RUNewsVolcker voices concerns about US fair-value proposal

Volcker voices concerns about US fair-value proposal

“My impression is the international people are pretty much going in the right direction” - Volcker tells Forbes

Author: Mario Christodoulou

Publication date: 3 September 2010

US President Barack Obama’s chief economic adviser Paul Volcker has expressed fears the American fair-value proposal may be heading in the wrong direction, in an interview with Forbes.com last month.

US President Barack Obama’s chief economic adviser, also former chairman of the US Federal Reserve, who now heads up the President’s Economic Recovery Advisory Board - Paul Volcker -  is concerned the US accounting standard setter’s fair-value, or mark-to-market, rules, which are being reformed in the wake of the credit crisis by the Financial Accounting Standards Board (FASB), may be inferior to the international model.