8/28/2009

The Basel Committee on Banking Supervision said the International Accounting Standards Board should change standards to improve the valuation of assets during times of market stress. "New accounting rules must be consistent with sound practices in risk management and enhance transparency," said Nout Wellink, chairman of the Basel Committee and head of the Dutch central bank. The committee published its "principles" as officials from the Group of 20 leading economies prepare to meet next month to discuss changes in financial-market regulations.

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