May 6, 2008
Litigation partner Michael Young was recently interviewed by the Financial Management Network, providing an in-depth discussion on FASB Statement No. 157, Fair Value Measurements. In the segment, which is available at www.smartpros.com and entitled “Does Fair Value Accounting Lead to Writedowns,” Mr. Young addresses questions and concerns on the implications of the new FASB Statement, which applies whenever other standards require or permit assets or liabilities to be measured at fair value.
In the interview, Mr. Young explains that while the standard at issue is fairly new, the underlying substance of the debate goes back at least 25 years: Is it best to record assets at their cost or at their fair (market) value?
Mr. Young has also recently written several articles on the topic, including “The Role of Fair Value Accounting in the Subprime Mortgage Meltdown,” published in the May edition of the Journal of Accountancy, and “Fair Value Accounting & Subprime,” published in the April edition of the Securities Litigation Report.
Mr. Young served as a member of the Financial Accounting Standards Advisory Council to the Financial Accounting Standards Board during the development of FASB Statement No. 157, and currently serves as counsel to the American Institute of Certified Public Accountants. Please click here to view Mr. Young’s interview.