Intro -- MARK TO MARKET AND FAIRVALUE ACCOUNTING:AN EXAMINATION -- CONTENTS -- PREFACE -- FAIR VALUE ACCOUNTING:CONTEXT AND CURRENT CONCERNS* -- ABSTRACT -- HISTORICAL COST ACCOUNTING VS.FAIR VALUEACCOUNTING -- THE FINANCIAL ACCOUNTING STANDARDS BOARD -- THE SARBANES-OXLEY ACT OF 2002,THE SEC, AND FASB -- FAIR VALUE AND MARK- TO-MARKET ACCOUNTING,ANDSECURITIES THAT ARE DESIGNATED AS TRADEABLE,HELD-TOMATURITY, AND AVAILABLE FOR SALE -- FINANCIAL ACCOUNTING STANDARD 157 -- BASIC DIVISIONS BETWEEN SUPPORTERSAND OPPONENTSOF FAIR VALUE ACCOUNTING -- CONGRESSIONAL INTEREST -- KEY ARGUMENTS AGAINST FAIR VALUE ACCOUNTING -- KEY ARGUMENTS IN FAVOR OFFAIR VALUE ACCOUNTING -- THE SEC EXAMINES THE IMPACT OF FAIRVALUEACCOUNTING ON FINANCIAL SERVICEFIRMS' BALANCESHEETS, INCOME STATEMENTS,AND ON BANK FAILURES -- SOME PROPOSED REFORMS -- SOME RECENT DEVELOPMENTS -- The FASB Clarification of October 2008 -- The Group of 30 Report -- FASB's 2009 Fair Value Projects -- REFERENCES -- WRITTEN TESTIMONY OF TANYA S. BEDER[1],CHAIRMAN, SBCC GROUP INC. PREPAREDFOR THE U.S. HOUSE OF REPRESENTATIVES,COMMITTEE ON FINANCIAL SERVICES,SUBCOMMITTEE ON CAPITAL MARKETS,INSURANCE AND GOVERNMENT SPONSOREDENTERPRISES,MARCH 12, 2009 -- 1. ON SUSPENDING MARK-TO-MARKET ACCOUNTING -- Recommendation -- 2. ON "FAIR" VALUE -- Recommendation -- 3.WE SHOULD NOT RELY ON SINGLE MEASURES -- Recommendation -- 4. ON PRO-CYCLICALITY -- Recommendation -- REFERENCES -- STATEMENT OF THE COMMERCIALMORTGAGE SECURITIES ASSOCIATION,BEFORE THE UNITED STATES HOUSE OFREPRESENTATIVES COMMITTEE ONFINANCIAL SERVICES SUBCOMMITTEE ONCAPITAL MARKETS, INSURANCE, ANDGOVERNMENT SPONSORED ENTERPRISES,HEARING ON "MARK-TO-MARKETACCOUNTING: PRACTICES ANDIMPLICATIONS",MARCH 12, 2009 -- BACKGROUND -- THE PROBLEM:MARKET DISRUPTIONS AND FVA -- POSSIBLE SOLUTIONS.