Posted on 20/11/08
'Mark-to-market' accounting rules fuel debate
TORONTO -- Two Canadian financial heavyweights have taken up opposite corners in the raging debate over controversial "mark-to-market" accounting rules and their role in fuelling the current economic crisis.In a lecture to the C.D. Howe Institute in Toronto, David Dodge, the former Bank of Canada governor, called for the accounting standards to be scrapped, blaming them for amplifying market gyrations and exacerbating the volatility of profits reported by financial institutions. Nick Le Pan, the former federal banking regulator, told another audience that the crisis would have been worse without the current rules.
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