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Paris summit to talk accounting standards -Italy
Fri, 3rd Oct 2008 15:53
CAPRI, Italy, Oct 3 (Reuters) - The meeting between the leaders of Europe's four largest economies in Paris on Saturday will discuss accounting standards, including mark to market rules, Italian Economy Minister Giulio Tremonti said.
'Accounting criteria will be one of the things discussed in Paris,' Tremonti told a business conference on the island of Capri on Friday.
It was also time to launch a discussion about mark to market, Tremonti added.
This rule forces banks to price their assets frequently even if they intend to hold them for a long time.
Some assets such as mortgage-backed securities have become untradeable, making it hard to calculate their value and the mark-to-market rule is blamed by critics for causing huge writedowns which unsettle markets. Keywords: FINANCIAL PARIS/TREMONTI
tf.TFN-Europe_newsdesk@thomsonreuters.com
cmr
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
'Accounting criteria will be one of the things discussed in Paris,' Tremonti told a business conference on the island of Capri on Friday.
It was also time to launch a discussion about mark to market, Tremonti added.
This rule forces banks to price their assets frequently even if they intend to hold them for a long time.
Some assets such as mortgage-backed securities have become untradeable, making it hard to calculate their value and the mark-to-market rule is blamed by critics for causing huge writedowns which unsettle markets. Keywords: FINANCIAL PARIS/TREMONTI
tf.TFN-Europe_newsdesk@thomsonreuters.com
cmr
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
