As the third meeting of the Financial Crisis Advisory Group (FCAG) kicked off in New York this week, SA was pushing for a faster convergence of international accounting standards and a stronger emphasis on fair value reporting. As the third meeting of the Financial Crisis Advisory Group (FCAG) kicked off in New York this week, SA was pushing for a faster convergence of international accounting standards and a stronger emphasis on fair value reporting.Fair value is when all assets and liabilities are based on market values for identical or similar assets or liabilities, and is used by investors when buying and selling.But sceptics in the accounting profession argue that using fair value will introduce inaccuracies and subjectivity into financial statements, reducing their reliability and usefulness to investors.SA's representative on the group, Wiseman Nkuhlu, says other key concerns raised by SA at the previous two meetings were around risk management and the fact that some comp...
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