EU delays new asset valuation rule changes

BRUSSELS has delayed the introduction in the European Union of&nbsp; radical new accounting rules for banks and insurers.<br /><br />The rules came into force across most of the rest of the world, except the US, yesterday. But the European Commission said it would not accept the changes until it had looked into them further and would consider adopting them next year.<br /><br />The International Accounting Standards Board earlier published its overhaul of rules on &ldquo;fair value&rdquo; accounting, where assets are marked to market prices. <br /><br />Some French, German and Italian banks with large investment banking activities would be hit hard by the changes, forcing them to book losses on large holdings of derivatives. But other banks are worried that the commission&rsquo;s decision will put them at a disadvantage to international competitors. More than 80 countries outside the EU will use the new rules for their 2009 accounts.