More On Mark To Market Accounting

Jonathan Weil provides another argument against abandoning "mark to market" accounting. He points out that such a move, which would enable companies to attribute a higher value to assets than current market value, would make the problem of investor distrust of corporate financial statements even worse. He also points out that companies do in fact have more discretion than some people claim to ignore market values in their accounting.

For my own analysis of this subject, see here.