Business News

Apr 4, 2009, 14:24 GMT

EU calls for matching US accounting change

Prague - European Union finance ministers said Saturday that matching US accounting rules, which allow US banks discretion over pricing their impaired mortgage assets, bore 'critical importance' so European banks are not operating at a disadvantage. The ministers, meeting informally in Prague, called on the continent's setter of accounting rules, the International Accounting Standards Board, 'to cooperate closely' with its US counterpart 'with the aim of achieving equivalent treatment...in order to avoid risks of competitive distortions.' Under pressure from US Congress, the US-based Financial Accounting Standards Board allowed US banks on Thursday to write off their toxic mortgage assets at higher than current market prices. The value of bank mortgage holdings has been decimated by an unprecedented housing downturn that prompted millions of Americans to foreclose on their homes. The FASB changes, pushed by banks and US legislators, relax so-called 'mark-to-market' accounting rules, giving banks greater discretion to decide the price of their 'distressed' assets when they report quarterly earnings.

And Also

Look Back at the Worst Celebrity Breakups

Look Back at the Worst Celebrity Breakups - PopEater
Office 2010 confirmed for June 2010 - The Tech Herald
Aniston Helps Launch Ingber Yoga DVD - Cinema Blend
Lisa Loeb Welcomes Baby Girl, Lyla Rose - PopEater
A&E series 'Hoarders' and 'Intervention' premiere Monday, Nov. 30th, preview

Your Talkback on this Story

Similar articles

US economic policy is the "road to hell," Topolanek says
EU hails reforms as productivity growth overtakes US
US welcomes Germany's call for new transatlantic market initiative

Latest Headlines in Business

Older Talkback

Business: Index

: News; Features; Currency Conversion

Latest Pics

Michael Stuhlbarg

Shohreh Aghdashloo

From Sites we Like

Former SETI@home "God" revealed as high school technology department head who installed program on every computer in the district, loses job. The search for intelligent life continues [Dumbass]
Rather than pay a $170 towing bill, genius couple stages break-in to impound lot, causing far more than $170 damage to other car. Then there's the bond payment [Dumbass]

More Not News from Fark

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills; Celebrity Video; Music Video
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Fashion; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint