We read with interest Alfred King’s recent response to our columns on market values (Accounting Today, May 3-16, 2004). He concedes agreement with some of our basic premises, but the beacon of market value accounting is still only a glow on his horizon. We offer this reply to encourage him and others to set a straighter and faster course in its direction.

Before getting into the details, we want to reiterate our main point — namely, that market values are the future of financial reporting. There can be no clinging to the present state of practice and certainly there can be no turning back.

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