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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