Bank chief calls for new accounting rules

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AccountingWEB.co.uk
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New bank accounting rules are needed to avoid another financial crisis, according to the Bank of England's director of financial stability Andy Haldane.

In a speech last month, published this week, Haldane said the International Financial Reporting Standards (IFRS) system is not a prudent approach and that the existing accounting rules could have distorted expected bank profits and exacerbated the crisis.

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