Title: The economics of fair value accounting: what did the US accounting profession know, and when did it know it?

Authors: Michael M. Grayson

Addresses: Division of International Banking and Finance Studies, Texas A&M International University, 5201 University Boulevard, Laredo, TX 78041-1900, Texas, USA

Abstract: 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.

Keywords: fair value accounting; efficient production; accounting profession; USA; United States.

DOI: 10.1504/IJCA.2009.028062

International Journal of Critical Accounting, 2009 Vol.1 No.4, pp.381 - 389

Published online: 03 Sep 2009 *

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