By Brussels (AP): European banks are increasingly using looser accounting rules to report a higher value in their 2008 accounts for complex investments that depreciated during the financial crisis, EU market supervisors said Wednesday.
Rules which required assets to be valued at market prices -- called fair-value or mark-to-market -- were eased in October to allow European companies to use higher prices for derivatives when they reported earnings from the third quarter of 2008.
Read complete article EU: Banks Using Looser Accounting Rules
Source: Yahoo Finance, 15 July 2009. Copyright © 2009 Yahoo! All rights reserved.
