Monday, June 22, 2009
IASB: New Accounting Rules: WE'RE RICH AGAIN!!!
This was to be expected as it is part of the spin machine: the international accounting organisation (IASB) is in the process to change the accounting rules for banks so there is no crisis anymore, everybody is rich, the politicians are being voted into office again, the bankers can continue to earn commissions and the taxpayers are required to bend over. No, no, no grease this time. Do you want to invest in a stock exchange where accounting rules are misused and manipulated to suit the companies? Do you believe any financial statement?
How long are organisations allowed to manipulate? "Trust" is the only reason for their existence. Trust is what binds us. Without "trust" these organisations will evaporate, whether it is a religious -, judicial - , government -, monetary - or a supervising organisation. Ask the clowns next door (Zimbabwe).
It took Western societies centuries with wars, depressions and bankruptcies with political & social unrest to get the to point where they are now. Slowly building the trust of the public. But one cynical policy decision and the trust is gone. Start over again, right from the beginning.
This is a sign of the time: the person hailed as an example to others is not praised for trying to find the truth, but for his/her ability to find the gap in the system. Cleverness is rewarded, not sincerity or honesty. If everybody supports this way of thinking than there are only 2 ways out: war or religion. Forget about religion. Rephrase: there is only one way out: war.
Financieel dagblad, Holland
Google translation from Dutch: Soon, there is no obligation anymore for Banks to depreciate paper losses on investments. The International Accounting Standards Board IASB prepared the finishing touches to a relaxation of the rules that led to billions in write-offs for ING and Fortis.
The new rule can be found on the website of the IASB and we received the information from concerned insiders. In July the proposals will be published.
Under the new regime, the controversial second rescue operation of ING early this year, whereby the government guaranteed risk for the bank-insurer for 22 Billion Euros, would no longer be required. Whether it can be reversed with the new rules, is still unclear.
Consideration of financial investments
The Board of IASB, meets every day to work on the changes. It revolves mainly on the treatment of financial investments such as mortgage portfolios. ............
Posted by Troy Ounce at 12:19:00 PM