by Calculated Risk on 5/18/2009 03:44:00 PM

From Bloomberg: FASB Rule Will Force Banks to Move Assets Onto Books

Citigroup Inc. and JPMorgan Chase & Co. will be required starting next year to add billions of dollars of assets and liabilities to their balance sheets under rules approved by the Financial Accounting Standards Board.

The rules [are] effective for annual reporting periods after Nov. 15 ... U.S. regulators said the 19 lenders subjected to stress tests completed this month would have to bring about $900 billion of assets onto their balance sheets because of the FASB changes ...

Note: the stress tests included off-balance sheet commitments.

And from the WaPo: Board to Ban Accounting Practice That Helped Lending Proliferate (ht Michael)