) SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between marketplace participants at the measurement date. Fair Value Accounting is argued to be conceptually and practically preferable to Amortized Cost Accounting for most financial instruments. But there are some arguments that are against fair value accounting. Understanding these arguments are important because they speak directly to the strength and weakness of fair value accounting. You are required to discuss these arguments in detail.