Recording of Perpetual Preferred Stocks

There seems to be a contradiction in the recording of perpetual preferred stocks in Odomirok paper.

I believe "perpetual preferred stock' = "nonredeemable preferred stock"

Which treatment below is correct?



Page 49 of Odomirok:

For redeemable preferred stock, the highest two rating categories are recorded at the original purchase price plus acquisition costs; for perpetual preferred stock, the highest two rating categories are recorded at fair value; for redeemable and perpetual preferred stock designated, the lower four rating categories are recorded at the lower of book or fair value.



Page 305 of Odomirok:

All common stock and nonredeemable preferred stock are recorded at fair value.

Recording of Perpetual Preferred Stocks