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US scraps fair value accounting rule that distorted bank performance

The 2007 rule allowed ailing banks to show profit on its own distressed bonds
Thursday, January 7, 2016 - 05:50

New York

AN "Alice in Wonderland" accounting rule that allowed stressed banks to book huge gains simply because they were stressed has been overturned.

The Financial Accounting Standards Board, which formulates accounting rules, on Tuesday voted to do away with the rule, which took

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