Taxman benefits from relaxation of fair value accounting
Posted by AccountingWEB in Tax, Financial reporting, In business on Fri, 07/11/2008 - 12:42
Following an emergency rule change in International Accounting Standards last month, banks have been allowed to adjust their assets from a fair value basis back to amortised cost. The effect on banks’ reported earnings is substantial, it has saved them more than €3 billion in losses in the last week alone.
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