Given today's real estate market, the value of your home is probably less today.
But, if you were forced to value it at zero, even though you are current, solely because you can't sell it tomorrow, how would your balance sheet look? Could you get another loan? Could you continue doing business as usual?
I regret you fail to understand the proposition -- the audit/accounting rules worked quite well for over one hundred years...until Sarbanes-Oxley.
Thank you for your reasoned words. Sarbanes-Oxley has been a festering boil on the arse of the financial markets as long as it has existed.
Just how long must we pay for the Enron blow out?
How many trillions do we dump down the hole in penance?
Color me disgusted....
Market value reveals the price of it.