U.S. FASB proposes more leeway on mark-to-market

[galileoreloaded]

Source: Reuters

WASHINGTON, March 16 (Reuters) - The Financial Accounting Standards Board, which sets U.S. accounting rules, on Monday proposed allowing companies to exercise more judgment in determining if a market for an asset is active and if a transaction is "distressed."

Read more: http://www.reuters.com/article/americasRegulatoryNews/idUSN1650430320090316

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And the liars keep lying.

[derby378]

1. HELL, no!

This shit is what made Enron so evil - and ultimately led to its downfall.

[dbackjon]

3. Actually, Mark to Market is what allowed Enron to swindle

It allowed them to over value the company.

[w4rma]

4. No. Enron used Mark-to-Model. (nt)

[mbperrin]

2. "to exercise more judgment"????????????

Use of the word "more" indicates that judgment was previously used and is now being augmented.

Can ANYONE show me where these bastards used anything but the most outrageous GREED to make decisions?

Look, when something is worthless, it is. Take the losses and go on.

Calling a rotten apple 5% fresh will not make it edible.

[tomm2thumbs]

5. true

[bemildred]

6. And the corruption of accounting as a profession is complete.

There is no such thing as a non-market price. A commodity is only worth what you can sell it for. All else is speculation, and speculation is gambling.

[gratuitous]

7. Brilliant!

More leeway. Yeah. That's just what we need. This can of pop is worth a gazillion dollars. Don't ask questions; it just fucking is, all right? Now, based on that valuation, I have increased the company's equity substantially, I can just help myself to a big load of investors' money.

And if you disagree, you're a socialist!