Volatility and complexity have long been causes for complaint about financial reporting. In the middle of a credit crunch, these complaints now focus on the reporting of financial instruments at fair value.

Calls for change have come from many quarters. The suggestions are diverse but a common theme is that there should be more and clearer guidance on the valuation of financial instruments, particularly when markets are under stress, and that there should be better disclosures about methodologies and uncertainties in valuation.