Banks outside the US would have to report expected losses on their lending much earlier, under proposals published yesterday by the international accounting rulemaker.
The plans represent a virtual U-turn from the current system for banks. They would allow banks to provide for expected losses over the duration of a loan, rather than, as now, waiting until the losses have occurred – a practice criticised for exacerbating the crisis by increasing the cyclicality of bank accounting.
“This is not a cosmetic change – this is a fundamental shift in measuring credit losses on loans,” said Andrew Spooner, lead financial instruments expert at Deloitte.
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