Banking: Accounting Standards — Question

Part of the debate – in the House of Lords at 2:45 pm on 19th March 2012.

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Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury 2:45 pm, 19th March 2012

My Lords, following the financial crisis, the International Accounting Standards Board has taken steps to revise international valuation standards for complex financial instruments. The question of whether there should be a distinct accounting regime for banks was raised in the preliminary report of the Financial Reporting Council inquiry into going concern, chaired by my noble friend Lord Sharman. The panel is considering the response to this report at present. We await its final report with interest.