$120m Disappears In Accounting Change At IBJ

THE London office of the Industrial Bank of Japan (IBJ) has revalued its derivatives books, knocking some $120 million off the portfolio's previous value. But IBJ officials say the loss wasn't a surprise to the bank and stemmed from a change in accounting policies.

Mike Brierley, head of financial accounting at IBJ's London office, says the bank started using mark-to-market accounting on its