There are very few finance professionals who are without a strongly held viewpoint on the topic of fair value accounting. Some (mostly financial statement preparers and financial analysts) dread the day that IASB and FASB formally adopt a fair value basis of accounting. Others (primarily academicians and theoreticians) are counting the days until we get rid of historical cost accounting and move to a total fair value (‘FV’) basis. Just from the way this paragraph is written, it is not hard to deduce that the author is predicting that accounting regulators, sooner or later, are going to shift to a FV accounting and reporting paradigm.