Banks say accounting standards distort financial health

03/14/2008 | Financial Times (free content)

Banks and financiers are expected to report more losses in the coming weeks as the credit crunch continues, and some are starting to blame accounting rules that skew results. "The accounting systems in the economy are the thermometer, and I'm not sure their measurement scale is the right one," said Henri de Castries, chief executive officer of Axa, which recently disclosed $940 million in write-downs. The concern centers on "fair value" accounting standards.

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