KPMG Hit With Lawsuit Over New Century CollapseAccounting giant KPMG was hit with a billion-dollar lawsuit on Wednesday over claims its "grossly negligent audits" helped trigger the collapse of a top subprime mortgage lender at the start of the U.S. housing crisis.
U.S. Rulemaker Eases Mark-to-market's BiteU.S. accounting rulemakers bowed to congressional and financial industry pressure on Thursday by allowing more flexibility in valuing toxic assets, a move expected to boost bank earnings and improve their capital levels.
Relaxed Accounting Rules Will Help BanksThe board that sets U.S. accounting standards is giving companies more leeway when valuing assets, providing a potential boost to battered banks’ balance sheets.
FASB Relaxes Accounting Rules For Banks On Assets (Washington Post)WASHINGTON -- The board that sets U.S. accounting standards on Thursday gave companies more leeway in valuing assets and reporting losses. The changes should help boost battered banks' balance sheets and financial stocks rallied on Wall Street, but the rules may undercut a new financial rescue program.
Mark-to-market Rule Set To Lose A Few TeethU.S. accounting rulemakers are set to crumple on Thursday in the face of ultimatums from lawmakers, liberalizing rules that will give banks leeway to report smaller losses and asset writedowns.
Accounting Rulemakers Ease Mark-to-marketU.S. accounting standard-setters bowed to congressional pressure on Thursday and allowed banks more flexibility to value toxic assets that have forced billions of dollars in writedowns.
Accounting Rule A 'hot Potato' In CongressRegulators should expand the toolbox banks can use to place a value on hard-to-sell assets, market participants and accounting watchdogs told a congressional panel Thursday. But some legislators said they want more sweeping action now.
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