Accounting firms revive debate about the way banks account for losses

02/14/2010 | Financial Times (tiered subscription model)

Deloitte Touche Tohmatsu and PricewaterhouseCoopers, two of the largest accounting firms in the world, are reigniting debate regarding the way losses are accounted for by financial institutions. The discussion is raising doubt about the convergence of global accounting standards. Jim Quigley, global head of Deloitte Touche Tohmatsu, proposed that banks make separate loan-loss provisions for "incurred losses" and "expected losses." PwC said doing so would "muddy the waters."

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