Until 1991, the accounting profession was largely guided by historical cost, transaction-based accounting.Granted, fair market value and historical cost at the point of the transaction were deemed equivalent, provided that arm’s-length transactions were involved. However, those making decisions — investors, auditors and regulators — grasped that unless someone gave and accepted consideration for something, its underlying value was arguable.

As investors and regulators increasingly question the role of fair value measurements and mark-to-market accounting in contributing to the global economic downturn, a group of speakers weighed in at a panel discussion sponsored by the CFA Institute Centre for Financial Market Integrity.

CPAs who conduct valuations in the normal course of their practices are now required to comply with detailed standards.

The Securities and Exchange Commission is offering investors a new interactive tool for comparing the costs, risks, investment strategies and past performance of mutual funds using Extensible Business Reporting Language.

The Treasury Department has released a report on The Changing Nature and Consequences of Public Company Financial Restatements as part of an effort to encourage U.S. capital markets competitiveness.

The American Institute of CPAs has issued revised Standards for Performing and Reporting on Peer Reviews, along with interpretations of those standards.

The Securities and Exchange Commission has filed securities fraud charges against five former San Diego officials who failed to adequately disclose problems with the city's municipal bonds in 2002 and 2003.