Targeting Transparency
When new accounting standard FAS 157 came into force in the US in November, the media used phrases such as "industry threat" and "strikes dread into bankers." New FAS standards are released regularly, yet this one led to heated discussions. Why? It targets what should have been targeted a long while ago - transparency.
FAS 157 focuses on fair-value measurements and underlines the need for more transparency in the evaluated prices market. Under the new standard, firms are required to assign levels
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