Fairvalue #313 Fair Value Accounting Standards

http://www.sec.gov/spotlight/fairvalue.htm from reporting on periodic profit for a past period (including the related balance sheet) to the future orientated emphasis of providing information for the prediction of future net cash flows from the holding of shares (Trueblood Study Group, 1973). Secondly, the designation of financial statements as general purpose; and thirdly, by the apparent abandonment of the transaction basis to accounts (as to be found in historical cost properly applied) following the Savings and Loan crisis in the US. Blatant failure in that case to apply historical cost correctly was not a reason to abandon historical cost but rather justification for greater enforcement of correct application. 3. The need for a separate