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GAAP.RUNewsHSBC finance chief rails against US fair value rule

HSBC finance chief rails against US fair value rule

US fair value rule will introduce “significant irrelevant volatility” HSBC CFO warns

Author: Mario Christodoulou

Publication date: 8 September 2010

HSBC chief financial officer Douglas Flint has weighed into the accounting debate surrounding US’s fair value proposals, warning the new rules “will weaken the stability of the financial system”.

HSBC chief financial officer Douglas Flint has weighed into the accounting debate surrounding US’s fair value proposals, warning the new rules “will weaken the stability of the financial system”: the London-based CFO believes the proposals, currently being considered by the Financial Accounting Standards Board (FASB) which sets US accounting rules, will add “significant irrelevant volatility” and could destabilize banks’ finances.