Professor Elam

Floyd Norris  comments on the changes in accounting rules. The FASB and IASB have different rules.

As Norris points out, political pressure has led to the Boards backing off at times to as he puts it, 

by forcing banks to disclose what their dodgy assets are actually worth, as opposed to what the banks think they should be worth.

I would note that nothing the government has done has improved the 'assets' the banks hold. 

I suspect the markets will top out over the next few months. Then we will re examine what these 'assets' are really worth.