A few weeks ago, I wrote a post entitled "FAS 157: Fair Value Has left the Station–But Is It on the Wrong Track?" Walter Teets of Gonzaga University and I have converted it to a working paper. The new title is "Does FASB Statement No. 157 Provide ‘The Most Relevant Information for Financial Decision Making?’"The main changes are an expanded and improved analysis of the rules-based details of FAS 157; and a more academic style (i.e., absence of wit and biting sarcasm).
As always, comments and suggestions, are most appreciated. I have set up a discussion page using GroveSite (shameless plug: that’s my software company) that will allow everyone to see your comments, and also, my responses. I’m hoping to have a real dialogue that will eventually lead to a better paper.