Recently, Accounting Today printed both an article by Joel Jameson (March 19-April 1, 2007, page 14) and a letter from Alfred King (April 16-May 6, 2007, page 8) that rebutted our long-espoused view that financial reporting should be based on market values.

Jameson and King make a number of points to support their positions, citing what they consider to be limitations on market-value measurement. We want to focus here on only one of their objections, because many consider it the most devastating argument of the bunch.

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