As a result of the recent mortgage crisis, many banks reported record losses to their mortgage receivables and other assets based on the deadline in these assets' fair values.

1. What would the effect be to stakeholders if such losses were not reported in a timely way?

2. If a business chooses not to report these losses, is there an ethical issue involved? Who is hurt?

(I need this done by tonight, October 22, 2015 at 11:59 p.m.)