Outgoing Axa chairman Claude Bébéar says accounting rules cause market volatility
Claude Bébéar, the outgoing Axa chairman and one of France's most influential capitalists, has said accounting rules requiring companies to value assets at market prices has contributed financial volatility.
The Financial Times reports that Axa chief executive Henri de Castries also criticised the rules and branded the mark-to-market method as a 'conceptual mistake'.
The accounting treatments had created accounting losses that were not economic losses, de Castries claimed, resulting in many current write-downs being reversed in a few years.
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