Fed Vice Chairman Donald Kohn on Friday said it was right for the Financial Accounting Standards Board to ease its rules on how companies determine the “fair value” of their assets.
“I think what the accountants are doing is the right thing to do,” Kohn said during a question-and-answer session following a speech he gave at the College of Wooster in Wooster, Ohio. “Investors aren’t well-served where assets are being carried at prices above or below what they’re really worth.” [via Dow Jones]
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