A JOKE ON FAIR VALUE ACCOUNTING

Insurer: Welcome to Fair Value Life Insurance Company!
With the most sophisticated software,
we can provide perfectly transparent fair value information.
By the year of 2040, the value of 235,567 dollars & 50 cents would be provided!

Customer: Wait a minute! Are you sure? I mean, you're talking about 40 years!
Think about it. We have now internet. 40 years ago, there was no color TV.
And then, 40 years before, nobody knew that the World War II was coming in the future.
40 years is such a long time!
Even Nostradamus didn't say anything clear like that!
How you can be so sure that the value of 235,567 dollars & 50 cents
would be given for the period of the next 40 years???

Insurer: Well,,, actually not.
Because you talk too much, now the value has become
189,364 dollars & 36 cents with a new interest rate.