Spoetnik
12-10-08, 15:46
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Pressure is mounting on the International Accounting Standards Board to abandon its “mark-to-market” accounting principles, which many believe has been one of the key factors in causing the credit crisis.
The rules insist that assets be held on a bank’s book at the most recently traded market price. As the markets took fright from exotic credit derivatives, the prices fell well below what is considered to be their true economic value — leading to bigger than expected paper losses being taken by the banks. As the markets have crashed, the problem has become ever more acute.
On Friday night, America’s chief accounting body, the Financial Accounting Standards Board, revealed that it would suspend the mark-to-market rules to take account of extreme market conditions. Institutions will be able to use their own estimates of an asset’s worth instead. The move follows pressure from the US Securities and Exchange Commission.
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http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4926316.ece
Geweldig, dus hun idee van het oplossen van de crisis is creatief boekhouden. Daarna weet helemaal niemand meer wat de activa van banken waard zijn, en zal niemand geld meer willen uitlenen..
Pressure is mounting on the International Accounting Standards Board to abandon its “mark-to-market” accounting principles, which many believe has been one of the key factors in causing the credit crisis.
The rules insist that assets be held on a bank’s book at the most recently traded market price. As the markets took fright from exotic credit derivatives, the prices fell well below what is considered to be their true economic value — leading to bigger than expected paper losses being taken by the banks. As the markets have crashed, the problem has become ever more acute.
On Friday night, America’s chief accounting body, the Financial Accounting Standards Board, revealed that it would suspend the mark-to-market rules to take account of extreme market conditions. Institutions will be able to use their own estimates of an asset’s worth instead. The move follows pressure from the US Securities and Exchange Commission.
(...)
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4926316.ece
Geweldig, dus hun idee van het oplossen van de crisis is creatief boekhouden. Daarna weet helemaal niemand meer wat de activa van banken waard zijn, en zal niemand geld meer willen uitlenen..