BoA mis-states derivatives

Bank of America (BoA) has contravened Financial Accounting Standards Board (FASB) rules regarding its treatment of derivatives instruments, and is to recalculate its financial statements since 2002.

Foreign exchange and interest rate derivatives were wrongly classified as qualifying for 'short cut' accounting, which only requires final values of derivatives to be calculated instead of the mark-to-market position of the instruments at each accounting period. The problem, discovered following an

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