Jurnal Umum
Discussion of Assessing the Information Content of Mark-to-Market Accounting with Mixed Attributes: The Case of Cash Flow Hedges and Market Transparency and the Accounting Regime
Arguments for marking to market would be overwhelming in the context
of frictionless, textbook competitive markets. In such a world, valuation
would be a matter of reading off the competitive prices that are common
knowledge to all, and that would be the end of the matter. No further debate
would be needed. On the other hand, if we had such a world, then
accounting would be irrelevant; accounting would simply be a veil, leaving
the economic fundamentals unaffected. To put it the other way round, accounting
is relevant only because we live in an imperfect world. As such, laying
out the precise nature of the imperfections and following up their consequences
for economic efficiency are crucial in any debates about accounting
measurement.
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