The Economics of Fair Value Accounting: What did the U. S. Accounting Profession Know, and When did it Know it?
Michael M. Grayson
CUNY Brooklyn College
September 17, 2008
This article reminds the reader that companies must produce their output efficiently, or else they will become high-cost producers and get competed out of existence. This article quotes published research to show that adoption of models other than historical cost (including fair value accounting) moves companies away from efficient production of their output.
Number of Pages in PDF File: 17
Keywords: Fair value accounting, Efficient production, What the accounting profession knew
JEL Classification: D21, D61, E23, J44, M41, M44working papers series
Date posted: September 18, 2008
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