Honors College Thesis


Fair Value Accounting and the Liquidity Crisis of 2008-2009 Public Deposited

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  • Fair value accounting has become a very popular and controversial topic in light of the 2008-2009 liquidity crisis in the United States. Fair value, also called mark-to-market, implies that assets and liabilities get measured and reported in firms‘ financial statements at market value as opposed to historical value. This study explores fair value accounting and looks at whether or not fair value accounting contributed to the liquidity crisis in 2008-2009. The first section of this thesis addresses the definition of fair value and takes a look at how fair value has developed over time by summarizing fair value pronouncements released by the Financial Accounting Standards Board. The second section looks at how fair value accounting is used by the company Procter & Gamble and how FASB pronouncements apply to this company. The third section focuses on the controversy revolving around fair value accounting. Finally, the fourth section displays the results of a Securities Exchange Commission report about a study on fair value done in December 2008.
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