$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 derivatives holdings at the start of this year.

Under mark-to-market, portfolios are valued at the current

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