Question: Please provide a clear answer. Thank you. part 1 asks what would the effect be to stakeholders if such losses were not reported in a

Please provide a clear answer. Thank you.

part 1 asks "what would the effect be to stakeholders if such losses were not reported in a timely way?

part 2 ask "if a business chooses not to report these losses, is there an ethical issue invovled? who is hurt?"

Detailed answer please. thank you!

As a result of the recent mortgage crisis, many banks reported record losses to their mortgage receivables and other assets based on the decline in these assets' fair values. Discuss: 1. What would the effect be to stakeholders if such losses were not reported in a timely way? 2. If a business chooses not to report these losses, is there an ethical issue involved? Who is hurt

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