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The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (fva) this debate presents a major challenge for fva going forward and standard. Value accounting b b accounting, 2009. By linda cavanaugh, cpa - fas 159: the fair value option for financial assets and liabilities, including an amendment of fasb statement no 115. Editor’s note: during the financial crisis of 2008, many stakeholders expressed concerns about the counterintuitive impact on earnings of recording changes in the fair value of financial.
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