The Problem with current accounting : a critique of SFAS 115 and SFAS 113 using an equity-indexed annuity example

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      <subfield code="a">The Problem with current accounting</subfield>
      <subfield code="b">: a critique of SFAS 115 and SFAS 113 using an equity-indexed annuity example</subfield>
      <subfield code="c">Marsha Wallace</subfield>
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      <subfield code="a">In recent decades, as the use of derivatives by financial institutions has expanded, the shortcomings of historical cost accounting approaches have become increasingly apparent. Since derivatives can create large exposures to risk that go unnoticed under historical standards, the accounting industry has focused on how to change the standards so that these risks are reflected appropriately in a company's accounting statements. New standards such as SFAS 115 and SFAS 133 have been adopted in part to achieve this goal. However, both of these standards use a piecemeal approach to risk measurement that may be adding to the problem rather than creating a solution. This paper will use a simple equity-indexed annuity to illustrate the problem with historical cost accounting and with the standards that have been adopted to correct it</subfield>
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      <subfield code="g">Vol. 10, nº 1, January 2006 ; p. 11-29</subfield>
      <subfield code="t">North American Actuarial Journal</subfield>
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