Accounting boards: Spain's dynamic provisioning not the way forward

Speaking at the International Centre for Financial Regulation's inaugural summit in London on April 1, Ian Mackintosh, chairman of the UK Accounting Standards Board, stated his preference for establishing non-distributable reserves during economic upturns to achieve a counter-cyclical effect.

"The Spanish would like to take [the funding cushion] as a charge against P&L. We accounting standard setters, in general, don't think that's such a good idea," said Mackintosh.

"There are others ways you can

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