In spite of this persistent trend toward fair value, the reform has aroused controversial stances, usually debating around financial instruments, in the practitioner ground (e.g., Day, 2000; Economist, 2007; Joint Working Group of Banking Associations on Financial Instruments, 1999). A rapport of the European Central Bank (2004) summarizes the potential drawbacks and advantages of a fair value accounting framework from the point of view of financial institutions. There is also an unsolved debate in the academic ground.