Fair Value Accounting for Securities

Fair Value Accounting for Securities - As you read in chapter 7, you will notice that current accounting standards require that trading securities and available-for-sale securities be valued at the market rate on the date the financial statements are prepared (including quarterly). This is a form of fair value accounting where we "mark to market" specific assets. Generally, the rule for assets is that we record them at historical cost, so this is a change from "the norm". In your opinion, what are the advantages and disadvantages of being able to mark to market these specific securities? Do you feel that this is the proper treatment for these assets? Why or why not?