Fair-value accounting critics call for action

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Politicians on both sides of the Atlantic are becoming more vociferous in their calls for fair-value accounting to be suspended, modified or scrapped, with the rules increasingly blamed for escalating the scale of writedowns at banks and exacerbating the credit crisis.

Accountants - who point the finger at banking industry lobbyists for pushing the aggressive new agenda - believe some kind of change is unavoidable, but what that means in practice is not clear.

"Some have called for fair value to

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