Accountancy Age has reported that both the Republicans in the US and the Tories here have called for a suspension of markka to market accounting.
Three things follow:
1) It is clear they wanted this in the upside to exacerbate profit reporting and another method of accounting in the downside that mitigates loss reporting. That is evidence of a commitment to market manipulation.
2) It shows they do not understand the continuity of accounting data;
3) It shows they are only capable of panic, not rational thinking.
I have massive reservations about fair value accounting. I think it based on a false premise. I do not think the Republicans and Conservatives have nay idea what they're talking about though. Which indicates that as yet not much has changed there.
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