Fed governor pans accounting developments


Elizabeth Duke, a governor at the Federal Reserve, has criticised the Financial Accounting Standards Board's (FASB) and the International Accounting Standards Board's (IASB) new approaches for failing to reflect the nature of commercial banks.

Duke said on Monday that both the FASB, which sets accounting standards for US companies, and the IASB, which devises rules for the rest of the world, placed institutions that were not involved in securitisation at a disadvantage.

"From the standpoint of

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