Die Präsidentin

and other observers of the Roundtable on Fair Value Accounting Standards with input regarding the usefulness of fair value accounting. We would like to submit the results of a joint research project of the Accounting Standards Com-mittee of Germany (ASCG), the Humboldt-University at Berlin and the European Federation of Financial Analysts Societies (EFFAS) which addresses the question which financial accounting measurement concept provides the most decision-useful information to professional investors and their advisors as one of the most important user groups. The detailed findings of the online survey can be found in the attached document. One of the main findings is that, when asked to give a general opinion on financial accounting measurement concepts, the respondents, regardless of their background, favour the consistent application of fair value accounting for all assets and liabilities. But this general opinion, however, does not hold for more specific questions. When asked to rank explicitly measurement concepts for different asset and liability groups, the responses are much more diverse: For liquid and non-operating assets, mark-to-market fair value is considered to be the most decision-useful measurement concept