For many years the regulatory capital of commercial banks in the United States has been based on the book value of assets and liabilities. That has changed with the implementation of Fair Value Measurements in FAS 157. Now banks and regulators must view capital from a Fair Value perspective....

For many years the regulatory capital of commercial banks in the United States has been based on the book value of assets and liabilities. That has changed with the implementation of Fair Value Measurements in FAS 157. Now banks and regulators must view capital from a Fair Value perspective....

In their joint framework project, the FASB and the IASB recently proposed dropping stewardship as a separate objective of financial accounting, because the Boards view stewardship and valuation usefulness as compatible sub-objectives ranking under an overall objective of decision usefulness....