Coverart for item
The Resource Fair value accounting, historical cost accounting, and systemic risk : policy issues and options for strengthening valuation and reducing risk, Michael D. Greenberg, Eric Helland, Noreen Clancy, James N. Dertouzos ; supported by the Goldman Sachs Global Markets Institute

Fair value accounting, historical cost accounting, and systemic risk : policy issues and options for strengthening valuation and reducing risk, Michael D. Greenberg, Eric Helland, Noreen Clancy, James N. Dertouzos ; supported by the Goldman Sachs Global Markets Institute

Label
Fair value accounting, historical cost accounting, and systemic risk : policy issues and options for strengthening valuation and reducing risk
Title
Fair value accounting, historical cost accounting, and systemic risk
Title remainder
policy issues and options for strengthening valuation and reducing risk
Statement of responsibility
Michael D. Greenberg, Eric Helland, Noreen Clancy, James N. Dertouzos ; supported by the Goldman Sachs Global Markets Institute
Creator
Contributor
Subject
Genre
Language
eng
Summary
Fair value accounting (FVA) refers to the practice of updating the valuation of assets or securities on a regular basis, ideally by reference to current prices for similar assets or securities established in the context of a liquid market; historical cost accounting (HCA) instead records the value of an asset as the price at which it was originally purchased. In the wake of the 2008 financial crisis, conflicting arguments have been made about the contributions of valuation approaches in triggering the crisis. This report investigates and clarifies the relationship between these two accounting approaches and risks to the financial system. The authors examine the risk implications of FVA and HCA in the various situations in which each is used; assess the role that these accounting approaches have played historically in financial crises, including the 2008 financial crisis, the savings and loan crisis of the 1980s, and the less developed country debt crisis of the 1970s; and explore insights about systemic risk that can be gleaned from better understanding the accounting approaches. The authors find that FVA was probably not a primary driver of the 2008 crisis. Moreover, they suggest that neither FVA nor HCA is objectively "better" than the other. Instead, both accounting approaches can provide useful information for different contexts when applied rigorously, but when they are implemented poorly or when regulatory oversight is weak, both FVA and HCA can produce misleading information that can increase systemic risk across the financial sector. The authors conclude with a series of recommendations for how FVA and HCA, and the financial information that both methods generate, can be improved to better protect against systemic risk to the banking sector in the future
Cataloging source
XBM
http://library.link/vocab/creatorDate
1969-
http://library.link/vocab/creatorName
Greenberg, Michael D.
Dewey number
658.15
Illustrations
illustrations
Index
no index present
LC call number
HF5681.V3
LC item number
G795 2013eb
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorDate
1950-
http://library.link/vocab/relatedWorkOrContributorName
  • Helland, Eric
  • Clancy, Noreen
  • Dertouzos, James N.
  • RAND Center for Corporate Ethics and Governance
http://library.link/vocab/subjectName
Fair value
Label
Fair value accounting, historical cost accounting, and systemic risk : policy issues and options for strengthening valuation and reducing risk, Michael D. Greenberg, Eric Helland, Noreen Clancy, James N. Dertouzos ; supported by the Goldman Sachs Global Markets Institute
Link
https://www.jstor.org/stable/10.7249/j.ctt5hhv55
Instantiates
Publication
Copyright
Note
  • "RAND Center for Corporate Ethics and Governance."
  • "RR-370-CCEG"--Page 4 of cover
Antecedent source
file reproduced from original
Bibliography note
Includes bibliographical references (pages 81-86)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Introduction -- Background: the debate over FVA and HCA -- Systemic risk and accounting approaches -- Accounting standards and prudential regulation -- Lessons from historical episodes involving accounting standards, systemic risk, and financial crisis -- Implementation and risk: the challenges to doing FVA and HCA well -- Conclusion and policy options -- Appendix: An overview of HCA and FVA
Dimensions
unknown
Extent
1 online resource (xxi, 86 pages)
File format
unknown
Form of item
online
Isbn
9780833083661
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Note
JSTOR
Other physical details
illustrations
Quality assurance targets
unknown
Reformatting quality
access
Sound
unknown sound
Specific material designation
remote
System control number
  • (OCoLC)863154191
  • (OCoLC)ocn863154191
Label
Fair value accounting, historical cost accounting, and systemic risk : policy issues and options for strengthening valuation and reducing risk, Michael D. Greenberg, Eric Helland, Noreen Clancy, James N. Dertouzos ; supported by the Goldman Sachs Global Markets Institute
Link
https://www.jstor.org/stable/10.7249/j.ctt5hhv55
Publication
Copyright
Note
  • "RAND Center for Corporate Ethics and Governance."
  • "RR-370-CCEG"--Page 4 of cover
Antecedent source
file reproduced from original
Bibliography note
Includes bibliographical references (pages 81-86)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Introduction -- Background: the debate over FVA and HCA -- Systemic risk and accounting approaches -- Accounting standards and prudential regulation -- Lessons from historical episodes involving accounting standards, systemic risk, and financial crisis -- Implementation and risk: the challenges to doing FVA and HCA well -- Conclusion and policy options -- Appendix: An overview of HCA and FVA
Dimensions
unknown
Extent
1 online resource (xxi, 86 pages)
File format
unknown
Form of item
online
Isbn
9780833083661
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Note
JSTOR
Other physical details
illustrations
Quality assurance targets
unknown
Reformatting quality
access
Sound
unknown sound
Specific material designation
remote
System control number
  • (OCoLC)863154191
  • (OCoLC)ocn863154191

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