Have the standard-setters gone too far, or not far enough, with fair value accounting?

There are very few finance professionals who are without a strongly held viewpoint on the topic of fair value accounting. Some (mostly financial statement preparers and financial analysts) dread the day that IASB and FASB formally adopt a fair value basis of accounting. Others (primarily academicians and theoreticians) are counting the days until we get rid of historical cost accounting and move to a total fair value (‘FV’) basis.