There’s a very good point that I’ve been pondering for a while and haven’t been able to get a concrete answer in Cheerios’ post;
“‘A change in IFRS accounting rules in Oct’ has taken effect?” - this is the Economic Stablization Act 2008 by USA in response to Lehman/Fannie/Freddie/AIG wasn’t it, where they were thinking of suspending mark to marketing? Coz it was causing havoc on the securities market? Has this actually been implemented or done so selectively? This is because I semi skimmed an article that said certain banks didn’t use mark to market and some did. Help in calrifying this?
Mark to market it preferred by accounting firms is because I believe they are more “transparent” and the only viable way to value something right now. The most they’ll ask is your opinion of it I think, i.e. do you think it’s good, or why is it bad? Though I’ve yet to be asked anything like that yet…