A former Citigroup Inc. trader is among three people held in the first U.K. arrests as part of global probes into tampering with the London interbank offered rate, according to two people familiar with the matter.
The International Accounting Standards Board should stop trying to get the U.S. to adopt its standards and instead focus on China and other countries that are more willing to follow the rules, a U.K. group said.
The last time the world had a major banking crisis, fair-value accounting rules were near the top of the list of scapegoats most likely to be denounced by government and industry leaders. Not so this go-around.
The U.S. Financial Accounting Standards Board “is ready to move towards a more balanced approach” on whether to apply fair-value accounting to all financial assets, a position that has threatened convergence with the London-based International Accounting Standards Board, Les Echos said, citing IASB incoming president Hans Hoogervorst .
Some European banks haven’t sufficiently written down the value of Greek government bonds and other “distressed sovereign debt” they own, the organization that sets accounting rules in the region said.