Banks Urge Compromise On Credit Loss Accounting Standard

Law360, New York (May 14, 2013, 3:21 PM EDT) -- A group of 15 of the largest U.S. banks on Friday urged accounting standards setters to bring their proposals for how financial institutions set back reserves to cover potentially risky loans into alignment.

The U.S. Financial Accounting Standards Board and the International Accounting Standards Board are currently developing new standards for banks to follow when determining the proper amount of money to reserve for risky loans and other potentially iffy credits on their balance sheets.

The two standards-setting boards have split on how far into the...
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