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Copyright (c) 1996 Wayne State University Law School
The Wayne Law Review

SYMPOSIUM: THE COMING REVOLUTION IN ACCOUNTING: THE EMERGENCE OF FAIR VALUE AS THE FUNDAMENTAL PRINCIPLE OF GAAP

Summer, 1996

42 Wayne L. Rev. 1839

Author

Stanley Siegel *

Excerpt



For many decades, I have been privileged to be a colleague, a co-author, and a friend of Stephen Schulman. His integrity, introspection, and thoroughness set a standard to which many may aspire but which few will achieve. His humor, modesty, and







fundamental decency set him apart from all the rest. In our collaborative writing, no error or misstatement, however small, could avoid his criticism. Speculations had to be identified as such, and conclusions had to be founded upon substantial authoritative support. Without Stephen's editing, this article cannot be expected to meet the Schulman standard, so it is offered only as a present, without any responsibility on his part for the thoughts here expressed.



On the other hand, Professor Schulman's career-long interest revolved around questions of securities regulation and corporate capital regulation, and these subjects have always rested on accounting concepts. And it might be noted that Professor Schulman was one of the early statutory draftsmen along with this writer who supported movement toward fair valuation in corporate dividend regulation. Perhaps, then, he will be pleased with the arguments and developments noted herein, which anticipate a movement toward universal fair valuation in financial disclosure and regulation. With thanks for countless hours of collegiality, favors without number, understanding whether the going was good or bad, and the priceless gift of friendship, this essay is for Stephen.



Until recently, it appeared that accounting might stay its course through the twentieth century, preserving without change the traditional practices of reporting transactions based on historical ...
 
 
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