Fair market value rules may expand

According to Bloomberg, last week, FASB decided to consider expanding fair market value rules. Accountants could end up expanding mark-to-market across all financial assets. Read the full article here.

Types of accounting

At the Chillicious blog, they recently laid out the different types of accounting, which are mainly determined by the different types of firms they serve.

• Private or Industrial Accounting
• Public Accounting
• Governmental Accounting
• Fiduciary Accounting
• National Income Accounting

For an in-depth look at these different types of accounting, read here.

Contingent Liabilities

Another Accounting TimeBomb looks at contingent liabilities in today's post. The article defines a contingent liability as "a possible obligation depending on whether some uncertain future event occurs, or a present obligation but payment is not probable or the amount cannot be measured reliably."

The article points to contingent liabilities as a reason for the current credit problem facing the world today and states that investors should be aware of contingent liabilities before they invest in a company. Read the full article here.