tag:blogger.com,1999:blog-6798074091942701235.post7507341753791516605..comments2024-03-29T01:35:09.550-04:00Comments on Can Turtles Fly?: Merrill Lynch Write-down Foreshadows Bond Insurer Mark-to-market Losses & Any Fair Value Accounting Fans Still Left?Sivaram Vhttp://www.blogger.com/profile/06361276466660862882noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6798074091942701235.post-5816305905190686532008-04-25T21:24:00.000-04:002008-04-25T21:24:00.000-04:00Wait. I'm a fan of Fair Value Accounting? I've s...Wait. I'm a <I>fan</I> of Fair Value Accounting? I've said that it is not avoidable, given the complexity of certain derivative instruments that do not trade. For a more complete rendering of my thoughts on the topic, read here:<BR/><BR/>http://alephblog.com/?cat=17<BR/><BR/>Especially note the article on March 21st, which starts out: <I>I’m not a fan of mark-to-market accounting, partially due to the loss of comparability across firms. It introduces a level of flexibility that can be gamed by the unscrupulous. That said, any accounting method can be gamed. Accounting attempts to assign the value of economic activity at and across points in time.</I><BR/><BR/>I would also encourage you to read the AAO Weblog, and The Accounting Onion weblog -- those guys are pros, while I'm an amateur, though hopefully, an intelligent user of financial statements.<BR/><BR/>But, thanks for reading my blog.David Merkelhttps://www.blogger.com/profile/05073877918072914309noreply@blogger.com