US scraps fair value accounting rule that distorted bank performance
The 2007 rule allowed ailing banks to show profit on its own distressed bonds
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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 effect as the financial system was starting to crumble in 2007.
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