JICPA Chairman and President announces statement on fair value accounting
November 10, 2008
At a press conference on October 23, 2008, the JICPA Chairman and President, Mr. Masuda, announced a statement on the recent debate of fair value accounting reported by the media. He said that the media reported the matter as if the whole fair value accounting would be suspended with regard to the measurement of any financial instruments under the accounting standards for financial instruments, triggered by the current global turmoil in capital markets. He also stated that it was important to recognize that the recent responses by the SEC, FASB and IASB were made within the current framework of the fair value measurement of financial instruments. Finally, Mr. Masuda insisted that the JICPA would never support the suspension of fair value accounting on the grounds of the market turmoil.