Tuesday was another rough day on Wall Street, and the search for a scapegoat is gathering strength.

Surfacing near the top of the list is fair-value accounting. The SEC and the FASB have already issued guidance that clarifies issues surrounding FASB Statement No. 157, “Fair Value Measurements.” More FASB guidance followed soon after, and as part of the bailout package that recently passed Congress, the SEC has been asked to study the effect fair-value accounting may have had on the country’s banking woes. The SEC has until Jan. 2 to issue its report, “after conferring with the Treasury secretary and the Federal Reserve System’s board of governors,” writes CFO.com’s Sarah Johnson.

So fair value is under a great deal of scrutiny these days. But should it be? Jack Ciesielski’s not so sure. In an excellent post on his AAO Weblog, Ciesielski says fair value is the canary in the economic coal mine: It’s proof that the problem exists, not the cause of the problem itself. Bashing fair value just isn’t … well, fair. Writes Ciesielski:  “It’s conventional wisdom and political hay-making at its worst.”

“It’s testament to the low regard for investors held by Congress and the firms thirsty for their capital,” Ciesielski writes. “Don’t give them figures in balance sheets that show the state of the economic world as it IS; show investors the world the way we think it SHOULD be. That’s a very dangerous idea that will probably be extended to other areas of financial reporting when other financial after-effects of current market instability begin to show.”

Read Ciesielski’s post in its entirety, then tell us: Do you agree? What’s your take on fair value’s role in the crisis?

And if you have the time, check out the AICPA’s comprehensive fair value resource center. Lots of informative stuff there.