Group exonerates fair-value rules in controversial decision

07/28/2009 | Financial Times (tiered subscription model) ·

The Financial Crisis Advisory Group, an influential group of policymakers, concluded that mark-to-market accounting rules probably understated, rather than overstated, losses in the banking sector. The International Accounting Standards Board and the Financial Accounting Standards Board established the group to discuss issues related to the credit crisis, including off-balance-sheet vehicles and fair-value accounting.

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