This paper examines more than 30 years of accounting standard setting and Securities and Exchange Commission regulation to support the use of the stable value at which money market funds (MMFs) trade.  Authored by Dennis Beresford, former chairman of the Financial Accounting Standards Board, this paper diffuses the argument that the long-standing use of a stable net asset value (NAV), an essential aspect of MMFs for investors, is simply “accounting fiction” and must be changed to a floating NAV.