In late September and early October, we observed substantial upheaval in the nation’s investment markets and severe tightening of credit standards as financial institutions came to grips with problems with their portfolios of mortgages and mortgage-backed securities. Some have linked this upheaval to accounting rules which require entities to recognize impairment in the fair value of assets, the so-called “mark to market” rules.
These accounting principles, which the Financial Accounting Standards Board (FASB) has promulgated over the past several years, are part of the accounting profession’s efforts to align United States’ Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards (IFRS).
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