A press release entitled, "U.S. Chamber to Release Money Market Fund Report Dispelling 'Myth' of Stable NAV and subtitled, "Center for Capital Markets Competitiveness Will Host Press Call with Former FASB Chairman Dennis Beresford to Discuss Findings," announced a call Thursday to release a money fund study on "amortized cost" accounting. It says, "The U.S. Chamber of Commerce's Center for Capital Markets Competitiveness (CCMC) will hold a press call to discuss the findings of a new report, Amortized Cost Is "Fair" for Money Market Funds, which examines more than 30 years of accounting standard setting and Securities and Exchange Commission regulation to support the use of the stable value at which money market funds (MMFs) trade. The paper, authored by Dennis Beresford, former chairman of the Financial Accounting Standards Board, diffuses the argument that the long-standing use of a stable net asset value (NAV), an essential aspect of MMFs for investors, is simply "accounting fiction" and must be changed to a floating NAV." The call ("CCMC's release of Amortized Cost Is ‘Fair’ for Money Market Funds") will take place Thursday, Nov. 1 at 11:00am Eastern and will feature Beresford, Ernst & Young Executive Professor of Accounting, J.M. Tull School of Accounting, University of Georgia; Former Chairman, Financial Accounting Standards Board; and, David Hirschmann, President and Chief Executive Officer, Center for Capital Markets Competitiveness; Senior Vice President, U.S. Chamber of Commerce. To register (media only), e-mail press@uschamber.com or call 888-249-NEWS.
