Top SEC Accountant Shuns Changes to Fair Value Amid Bank Crisis – Bloomberg Tax

By Amanda Iacone
The SEC’s top accountant pushed back Wednesday against calls to reopen a decades-old debate over how to value certain long-term bank assets, saying investors currently have the tools they need to spot underwater holdings.
“There is a high degree of transparency around those investments already,” Paul Munter, chief accountant to the Securities and Exchange Commission, said in an interview. “It’s very easy to lift that information and see what any entity’s portfolio looks like and the degree to which fair value differs from the carrying amount.”
“Is standard setting necessary in light of the fact that information is readily available …
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