SINGAPORE (Dow Jones)--Singapore will adopt new rules that relax requirements on banks to account for assets on a mark-to-market basis, potentially avoiding writedowns caused by market fluctuations, state-owned Channel NewsAsia said late Monday, without naming sources.
The International Accounting Standards Board, a body that sets standards for more than 100 countries including Singapore, last week said it would allow banks to classify some assets as long-term investments, giving institutions more control over how to value them.
Local regulators must formally approve new rules before they take effect in each country.
A spokesperson for Singapore''s Accounting Standards Council said the body is still reviewing the matter and expects to make a decision by the end of the week.
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SINGAPORE (Dow Jones)--Singapore will adopt new rules that relax requirements on banks to account for assets on a mark-to-market basis, potentially avoiding writedowns caused by market fluctuations, state-owned Channel NewsAsia said late Monday, without naming sources.
The International Accounting Standards Board, a body that sets standards for more than 100 countries including Singapore, last week said it would allow banks to classify some assets as long-term investments, giving institutions more control over how to value them.
Local regulators must formally approve new rules before they take effect in each country.
A spokesperson for Singapore''s Accounting Standards Council said the body is still reviewing the matter and expects to make a decision by the end of the week.
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