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GAAP.RUNewsDeloitte chief urges banks to separate loss accounts

Deloitte chief urges banks to separate loss accounts

Publication date: 15 February 2010

Banks should account for their losses in two radically different ways to satisfy the opposing demands of regulators, politicians and accountants, says the global head of one of the world’s biggest accounting firms.

Jim Quigley, from Deloitte Touche Tohmatsu, told the Financial Times he was an advocate of banks making loan loss provisions for “incurred losses” separate from “expected losses”.