Fairvalue #201 Fair Value Accounting Standards

http://www.sec.gov/spotlight/fairvalue.htm consequence of subjecting accountants to enormous potential liabilities is that the profession reacted by moving toward very rigid rules that leave little room for judgment and wisdom. If a rule requires that an asset be arbitrarily marked to a market or index value shown on a computer screen, there is no need for judgment and no basis to second guess the auditor in a court room. I believe we need to consider insulating auditors from liability when they are using reasonable business judgment in the process of certifying financial statements. I also believe we urgently need to change our system of setting accounting standards to make it more accountable. I suspect others will have better ideas than I on how best to accomplish