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Fair Value Accounting and Reporting as Messenger of Truth

June 23, 2008

Analysis of:The Role of Fair Value in the Subprime Mortgage Metltdown | www.aicpa.org

The requirements for pricing securities from active external market transactions for prompt reporting to management and investors reflect the internet speed and transparency required for continuing national prosperity in the round the clock world of finance. Absent Fair Value Accounting standards, the delayed or deferred recognition of market losses allows investors to continue believe valuations where the assets are not available to meet obligations. The promises made to holders of life insurance policies, pension benefits, annuities, mutual funds and various investment pooled entities require prompt realizable valuation to have funds available when promised and maintain public confidence in the securities markets.

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