Gaynor, Lisa Milici; McDaniel, Linda; Yohn, Teri Lombardi - In: Accounting, Organizations and Society 36 (2011) 3, pp. 125-134
When liabilities are accounted for at fair value, a deterioration of a company's credit risk results in the reporting of an income statement gain; an improvement in a company's credit risk results in a loss. Many argue that these income statement effects are counterintuitive and that financial...
