" is how accounting works," There is no one accounting standard that is the ultimate reality. Accounting is a means of representing reality for a particular pu

" is how accounting works," There is no one accounting standard that is the ultimate reality. Accounting is a means of representing reality for a particular purpose like any other model. And it can only change and attempt to improve with the understanding that an outside reality exists. And "mark to market" is a thing that exists, and is sometimes required, anyway. So I think you're completely wrong in a deep sense, but also in a shallow technical sense.