Fair value accounting, historical cost accounting, and systemic risk : : policy issues and options for strengthening valuation and reducing risk / / Michael D. Greenberg, Eric Helland, Noreen Clancy, James N. Dertouzos ; supported by the Goldman Sachs Global Markets Institute.
Fair value accounting (FVA) refers to the practice of updating the valuation of assets or securities on a regular basis, ideally by reference to current prices for similar assets or securities established in the context of a liquid market; historical cost accounting (HCA) instead records the value o...
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Language: | English |
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Table of Contents:
- Introduction
- Background: The Debate over FVA and HCA
- Systemic Risk and Accounting Approaches
- Accounting Standards and Prudential Regulation
- Lessons from Historical Episodes Involving Accounting Standards, Systemic Risk, and Financial Crisis
- Implementation and Risk: The Challenges to Doing FVA and HCA Well
- Conclusion and Policy Options
- Appendix: An Overview of HCA and FVA.