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Honest Accounting Key In Solving Financial Mess

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Oct 24, 2008 8:54 pm US/Pacific

Honest Accounting Key In Solving Financial Mess

(CBS 5) The market meltdown has all of us wondering if there is a quick solution. Robert Herz, the chairman of the Financial Accounting Standards board told CBS 5 Investigates the medicine is honest accounting.

Herz said the FASB is sticking to its guidelines for valuing troubled assets. Regarding the risky loans and related assets owned by many banks, Herz told CBS 5, "Our view is that they should be stated at a current value that looks at the current situation and not hypotheticals as to what might happen in the future in a future economy, different economy, future different market condition."

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CBS 5 Investigates With Anna Werner

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