Mr Knight also thinks that the use of fair-value accounting has delivered some unexpected, medium-term benefits, too. For while it may have exacerbated the pain in the short term, it has also accelerated the adjustment - and deleveraging - process.
"While fair-value accounting can lead to over-depreciating assets in distressed market conditions, it also has the advantage of focusing everyone's attention on the impact of the deleveraging prices on asset values," said Mr Knight.
The 'D' word that still haunts central bankers - Gilian Tett - 9 June 2008 - Financial Times - Asia Ed1 - 02
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