Deloitte Fireside Chats are interactive programs on current issues in financial regulation of interest to the accounting and auditing professions.

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The SEC had just adopted an obscure accounting regulation known as mark to market in 2006 (also known as fair value accounting).

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Watch this space, but I think that within a relatively short period the European Union will claim back the right to set accounting standards for itself, in the public interest, to ensure effective regulation.

FORBES: Have They Pushed the Self Destruct Button at the International Financial Reporting Standard Foundation?

In an odd twist, the current regulation doesn't require mark-to-market accounting in every situation.

NPR: Firms Blame Financial Woes On Accounting Rule

Moreover, foreign banks accustomed to sound regulation, prudent oversight and honest accounting in their home countries may lobby for the same things abroad.

ECONOMIST: Economics focus

Some may argue that the risk premium these banks are charging is too high, even accounting for the risk, but what are the chances they will suddenly see the light after this regulation is passed, and drop rates across the board?

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