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.

Current financial crisis not caused by change in accounting rules

According to the AP, The Financial Crisis Advisory Group has stated that changes in accounting rules did not cause the most recent credit crisis. They did state that there are weaknesses in the application rules that may reduce the credibility in the financial reporting. To see all of their current views, please read the article here.

Tata Motors profits rise after change in accounting rules

According to Bloomberg, Tata Motors, who won Jaguar and Land Rover, saw an increase in profit after the Indian government changed accounting rules. They allowed companies to alter provsions for mark-to-market losses in foreign currency loans. This resulted in a profit rise of 58%. Read more here.