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GAAP.RUNewsUS finance executives voice opposition to fair value model

US finance executives voice opposition to fair value model

Trade body warns against “heavy reliance” on fair value

Author: Mario Christodoulou

Publication date: 10 September 2010

A prominent group of US finance executives has joined a chorus of opposition to US fair value proposals, believing they would result in “pervasive and adverse implications to all financial institutions”.

Financial Executives International (FEI) a US trade body for finance professionals, has urged the Financial Accounting Standards Board (FASB), which sets US accounting standards, to reconsider accounting standards which would see all banks’ assets measured at their market price (fair value), which is the major difference with the International Accounting Standards Board’s (IASB) model.