Accounting firms oppose end of mark-to-market rules

10/1/2008 | Morningstar

Auditors are fighting congressional efforts to eliminate mark-to-market accounting rules. The industry, until now, had been relatively quiet on the government's proposed $700 billion rescue plan, which includes a proposal to scrap those rules. "It's just bad for investors," said Beth Brooke, global vice chair at Ernst & Young in Washington. "Suspending mark-to-market accounting, in essence, suspends reality."

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