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By reading the case of Subprime crisis and Fair-value Accounting, 1. What are the critics of fair-value accounting concerned about with respect to the recent

By reading the case of Subprime crisis and Fair-value Accounting,

1. What are the critics of fair-value accounting concerned about with respect to the recent subprime crisis in the US ?

2. What are the arguments of those supporting fair value accounting ?

3. What could be the potential drawbacks of using only historical costs ?

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