Haldane calls for radical rethink of accounting rules


Andrew Haldane, executive director of financial stability at the Bank of England, believes the accounting profession should consider a radical rethink of its principles to restore investor faith in balance sheets in the banking sector.

"Accounting rules in general, and fair-value principles in particular, appear to have played a role in both over-egging the financial upswing and elongating the financial downswing. They have tended to over-emphasise return in the boom and under-emphasise risk in

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