EU regulators back emergency change to bank accounting rules

Accounting rules blamed by some banks for exacerbating the financial turmoil look set to be eased across the European Union, bringing the 27-country bloc in line with changes agreed by international accounting rulemakers. An EU regulators' committee in Brussels voted unanimously on the 15 October 2008 in favour of accepting the emergency changes made by the International Accounting Standards Board on the 13 October 2008. These will give banks more leeway in how they value certain assets whose prices have plunged.

ESO: Background information: Fair value accounting rules eased http://www.europeansources.info/record/fair-value-accounting-rules-eased/

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