I recommend this. One of the best explanations of the lunacy of fair value accounting I have come across. It begins:

You know that phrase "The lunatics have taken over the asylum?" Well, it has happened in the accounting world. They have made it all but impossible to rely on companies' financial statements. That is something sensible investors do all the time, and now, thanks to the ninnies who set public accounting standards, financial statements are gibberish. You have been warned.

And ends:

I hope I have made this plain. Losses can now be booked as profits, in a move applauded by the people who run the accounting profession. Disaster awaits us all.

It would be laughable if it were not true. The prognosis deems about right too.

Thanks to Mark Lee for drawing it to my attention.