Financial Accounting Standards Research Initiative

Lisa is altogether too modest. The article is interesting, and Lisa makes it into the Harvard Business Review. From the article:

Yet mark-to-market accounting continues to have its proponents, who are equally adamant. Lisa Koonce, an accounting professor at the University of Texas, wrote in Texas magazine: “This is simply a case of blaming the messenger. Fair value accounting is not the cause of the current crisis. Rather, it communicated the effects of such bad decisions as granting subprime loans and writing credit default swaps.… The alternative, keeping those loans on the books at their original amounts, is akin to ignoring reality.”