Audit Firms Warn Against Suspending Mark-To-Market

Law360, New York (October 1, 2008, 12:00 AM EDT) -- Critics of proposals to suspend the application of mark-to-market accounting are predicting that doing away with mark-to-market accounting requirements would result in less transparency and decreased investor confidence in capital markets.

The Center for Audit Quality, a public policy organization with around 800 accounting firms as members, sent a letter to Congress and key federal officials Tuesday saying that any plans to suspend mark-to-market (also called “fair value”) accounting aren't in investors' best interest and should be rejected.

“The principles of mark-to-market accounting are rooted in...
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