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Bean-Counters Speak

At the start of the year the US and international accounting standard-setting bodies made a pivotal announcement: They agreed to a single approach on…

By Erika Morphy - Washington, DC Correspondent for Real Estate Forum and GlobeSt.com. | Updated on February 01, 2011

At the start of the year the US and international accounting standard-setting bodies made a pivotal announcement: They agreed to a single approach on how banks should account for losses on loans. As of this writing, the exact approach was set to be revealed by the end of January.

Some clues, though, were immediately apparent in the cryptic statement released by the International Accounting Standards Board: “The boards will propose an impairment model based on accounting for expected losses. This provides a more forward-looking approach to accounting for credit losses.”

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