diff --git a/hledger-lib/Hledger/Reports/PostingsReport.hs b/hledger-lib/Hledger/Reports/PostingsReport.hs
index f90ddce9c..f5f553de2 100644
--- a/hledger-lib/Hledger/Reports/PostingsReport.hs
+++ b/hledger-lib/Hledger/Reports/PostingsReport.hs
@@ -9,7 +9,6 @@ module Hledger.Reports.PostingsReport (
   PostingsReport,
   PostingsReportItem,
   postingsReport,
-  postingsReportValue,
   mkpostingsReportItem,
 
   -- * Tests
@@ -29,7 +28,6 @@ import Test.HUnit
 import Hledger.Data
 import Hledger.Query
 import Hledger.Utils
-import Hledger.Reports.BalanceReport
 import Hledger.Reports.ReportOptions
 
 
@@ -89,31 +87,6 @@ postingsReport opts q j = (totallabel, items)
 
 totallabel = "Total"
 
--- | Convert all the amounts in a postings report to
--- their value on the given date in their default valuation
--- commodities.
-postingsReportValue :: Journal -> Day -> PostingsReport -> PostingsReport
-postingsReportValue j d r = r'
-  where
-    (label,items) = r
-    r' = dbg8 "postingsReportValue" $
-         (label,[(pb,pe,pd,postingValue j d pp,mixedAmountValue j d a) | (pb,pe,pd,pp,a) <- items])
-
-postingValue :: Journal -> Day -> Posting -> Posting
-postingValue j d p = p'
-  where
-    Posting {pamount = pa, pbalanceassertion = pb, ptransaction = pt} = p
-    p' = p{pamount = mixedAmountValue j d pa
-          ,pbalanceassertion = mixedAmountValue j d <$> pb
-          ,ptransaction = transactionValue j d <$> pt
-          }
-
-transactionValue :: Journal -> Day -> Transaction -> Transaction
-transactionValue j d t = t'
-  where
-    Transaction {tpostings = tp} = t
-    t' = t{tpostings = map (postingValue j d) tp}
-
 -- | Adjust report start/end dates to more useful ones based on
 -- journal data and report intervals. Ie:
 -- 1. If the start date is unspecified, use the earliest date in the journal (if any)
diff --git a/hledger/Hledger/Cli/Balancesheet.hs b/hledger/Hledger/Cli/Balancesheet.hs
index 6e9622f08..5709d4b32 100644
--- a/hledger/Hledger/Cli/Balancesheet.hs
+++ b/hledger/Hledger/Cli/Balancesheet.hs
@@ -11,7 +11,6 @@ module Hledger.Cli.Balancesheet (
  ,tests_Hledger_Cli_Balancesheet
 ) where
 
-import Data.Maybe (fromMaybe)
 import qualified Data.Text.Lazy.IO as LT
 import System.Console.CmdArgs.Explicit
 import Test.HUnit
@@ -29,7 +28,6 @@ balancesheetmode = (defCommandMode $ ["balancesheet"]++aliases) {
      groupUnnamed = [
       flagNone ["flat"] (\opts -> setboolopt "flat" opts) "show accounts as a list"
      ,flagReq  ["drop"] (\s opts -> Right $ setopt "drop" s opts) "N" "flat mode: omit N leading account name parts"
-     ,flagNone ["value","V"] (setboolopt "value") "show amounts as their current market value in their default valuation commodity"
      ]
     ,groupHidden = []
     ,groupNamed = [generalflagsgroup1]
@@ -43,23 +41,18 @@ balancesheet CliOpts{reportopts_=ropts} j = do
   -- let lines = case lineFormatFromOpts ropts of Left err, Right ...
   d <- getCurrentDay
   let q = queryFromOpts d (withoutBeginDate ropts)
-      valuedate = fromMaybe d $ queryEndDate False $ queryFromOpts d ropts
       assetreport@(_,assets)          = balanceReport ropts (And [q, journalAssetAccountQuery j]) j
       liabilityreport@(_,liabilities) = balanceReport ropts (And [q, journalLiabilityAccountQuery j]) j
       total = assets + liabilities
-      convertReport | value_ ropts = balanceReportValue j valuedate
-                    | otherwise    = id
-      convertTotal  | value_ ropts = mixedAmountValue j valuedate
-                    | otherwise    = id
   LT.putStr $ [lt|Balance Sheet
 
 Assets:
-#{balanceReportAsText ropts (convertReport assetreport)}
+#{balanceReportAsText ropts assetreport}
 Liabilities:
-#{balanceReportAsText ropts (convertReport liabilityreport)}
+#{balanceReportAsText ropts liabilityreport}
 Total:
 --------------------
-#{padleft 20 $ showMixedAmountWithoutPrice (convertTotal total)}
+#{padleft 20 $ showMixedAmountWithoutPrice total}
 |]
 
 withoutBeginDate :: ReportOpts -> ReportOpts
diff --git a/hledger/Hledger/Cli/Cashflow.hs b/hledger/Hledger/Cli/Cashflow.hs
index 497eafcd9..288ec178d 100644
--- a/hledger/Hledger/Cli/Cashflow.hs
+++ b/hledger/Hledger/Cli/Cashflow.hs
@@ -14,7 +14,6 @@ module Hledger.Cli.Cashflow (
  ,tests_Hledger_Cli_Cashflow
 ) where
 
-import Data.Maybe (fromMaybe)
 import qualified Data.Text.Lazy.IO as LT
 import System.Console.CmdArgs.Explicit
 import Test.HUnit
@@ -32,7 +31,6 @@ cashflowmode = (defCommandMode ["cashflow","cf"]) {
      groupUnnamed = [
       flagNone ["flat"] (\opts -> setboolopt "flat" opts) "show accounts as a list"
      ,flagReq  ["drop"] (\s opts -> Right $ setopt "drop" s opts) "N" "flat mode: omit N leading account name parts"
-     ,flagNone ["value","V"] (setboolopt "value") "show amounts as their current market value in their default valuation commodity"
      ]
     ,groupHidden = []
     ,groupNamed = [generalflagsgroup1]
@@ -45,23 +43,18 @@ cashflow CliOpts{reportopts_=ropts} j = do
   -- let lines = case lineFormatFromOpts ropts of Left err, Right ...
   d <- getCurrentDay
   let q = queryFromOpts d ropts
-      valuedate = fromMaybe d $ queryEndDate False $ queryFromOpts d ropts
       cashreport@(_,total) = balanceReport ropts (And [q, journalCashAccountQuery j]) j
       -- operatingreport@(_,operating) = balanceReport ropts (And [q, journalOperatingAccountMatcher j]) j
       -- investingreport@(_,investing) = balanceReport ropts (And [q, journalInvestingAccountMatcher j]) j
       -- financingreport@(_,financing) = balanceReport ropts (And [q, journalFinancingAccountMatcher j]) j
       -- total = operating + investing + financing
-      convertReport | value_ ropts = balanceReportValue j valuedate
-                    | otherwise    = id
-      convertTotal  | value_ ropts = mixedAmountValue j valuedate
-                    | otherwise    = id
   LT.putStr $ [lt|Cashflow Statement
 
 Cash flows:
-#{balanceReportAsText ropts (convertReport cashreport)}
+#{balanceReportAsText ropts cashreport}
 Total:
 --------------------
-#{padleft 20 $ showMixedAmountWithoutPrice (convertTotal total)}
+#{padleft 20 $ showMixedAmountWithoutPrice total}
 |]
 
 tests_Hledger_Cli_Cashflow :: Test
diff --git a/hledger/Hledger/Cli/Incomestatement.hs b/hledger/Hledger/Cli/Incomestatement.hs
index 31bf9b330..b36cec3ab 100644
--- a/hledger/Hledger/Cli/Incomestatement.hs
+++ b/hledger/Hledger/Cli/Incomestatement.hs
@@ -11,7 +11,6 @@ module Hledger.Cli.Incomestatement (
  ,tests_Hledger_Cli_Incomestatement
 ) where
 
-import Data.Maybe (fromMaybe)
 import qualified Data.Text.Lazy.IO as LT
 import System.Console.CmdArgs.Explicit
 import Test.HUnit
@@ -29,7 +28,6 @@ incomestatementmode = (defCommandMode $ ["incomestatement"]++aliases) {
      groupUnnamed = [
       flagNone ["flat"] (\opts -> setboolopt "flat" opts) "show accounts as a list"
      ,flagReq  ["drop"] (\s opts -> Right $ setopt "drop" s opts) "N" "flat mode: omit N leading account name parts"
-     ,flagNone ["value","V"] (setboolopt "value") "show amounts as their current market value in their default valuation commodity"
      ]
     ,groupHidden = []
     ,groupNamed = [generalflagsgroup1]
@@ -42,23 +40,18 @@ incomestatement :: CliOpts -> Journal -> IO ()
 incomestatement CliOpts{reportopts_=ropts} j = do
   d <- getCurrentDay
   let q = queryFromOpts d ropts
-      valuedate = fromMaybe d $ queryEndDate False $ queryFromOpts d ropts
       incomereport@(_,income)    = balanceReport ropts (And [q, journalIncomeAccountQuery j]) j
       expensereport@(_,expenses) = balanceReport ropts (And [q, journalExpenseAccountQuery j]) j
       total = income + expenses
-      convertReport | value_ ropts = balanceReportValue j valuedate
-                    | otherwise    = id
-      convertTotal  | value_ ropts = mixedAmountValue j valuedate
-                    | otherwise    = id
   LT.putStr $ [lt|Income Statement
 
 Revenues:
-#{balanceReportAsText ropts (convertReport incomereport)}
+#{balanceReportAsText ropts incomereport}
 Expenses:
-#{balanceReportAsText ropts (convertReport expensereport)}
+#{balanceReportAsText ropts expensereport}
 Total:
 --------------------
-#{padleft 20 $ showMixedAmountWithoutPrice (convertTotal total)}
+#{padleft 20 $ showMixedAmountWithoutPrice total}
 |]
 
 tests_Hledger_Cli_Incomestatement :: Test
diff --git a/hledger/Hledger/Cli/Register.hs b/hledger/Hledger/Cli/Register.hs
index 0062a701f..28b8e4470 100644
--- a/hledger/Hledger/Cli/Register.hs
+++ b/hledger/Hledger/Cli/Register.hs
@@ -39,7 +39,6 @@ registermode = (defCommandMode $ ["register"] ++ aliases) {
      ,flagNone ["average","A"] (\opts -> setboolopt "average" opts)
         "show running average of posting amounts instead of total (implies --empty)"
      ,flagNone ["related","r"] (\opts -> setboolopt "related" opts) "show postings' siblings instead"
-     ,flagNone ["value","V"] (setboolopt "value") "show amounts as their current market value in their default valuation commodity"
      ,flagReq  ["width","w"] (\s opts -> Right $ setopt "width" s opts) "N"
       ("set output width (default: " ++
 #ifdef mingw32_HOST_OS
@@ -62,12 +61,9 @@ register :: CliOpts -> Journal -> IO ()
 register opts@CliOpts{reportopts_=ropts} j = do
   d <- getCurrentDay
   let fmt = outputFormatFromOpts opts
-      valuedate = fromMaybe d $ queryEndDate False $ queryFromOpts d ropts
-      convert | value_ ropts = postingsReportValue j valuedate
-              | otherwise    = id
-      render  | fmt=="csv" = const ((++"\n") . printCSV . postingsReportAsCsv)
-              | otherwise  = postingsReportAsText
-  writeOutput opts $ render opts $ convert $ postingsReport ropts (queryFromOpts d ropts) j
+      render | fmt=="csv" = const ((++"\n") . printCSV . postingsReportAsCsv)
+             | otherwise  = postingsReportAsText
+  writeOutput opts $ render opts $ postingsReport ropts (queryFromOpts d ropts) j
 
 postingsReportAsCsv :: PostingsReport -> CSV
 postingsReportAsCsv (_,is) =