Tom Jones of the International Accounting Standards Board says making quick changes to fair-value accounting rules will not fool investors. "You can't expect to have an independent standard setter that you expect to jump every time someone has a good idea, to cook the books to make things easier," said Jones, a board member of the IASB. "To try to blame accounting is the old story, it's blaming the thermometer for the high fever. Accounting just tells you what it's about. If politics drives accounting standards, investors won't have a clue what real life is about."

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