Bank of America to revise earnings up
Accounting for derivatives transactions is an iffy business. In the case of Bank of America, things turned out well. The bank will restate earnings back to 2002 to better account for derivative transactions used to offset volatility in interest rates and foreign currency. The result: a net gain of $345 million at the nation's second-largest bank. The adjustments were made at the behest of regulators. It's unclear if others will follow suit.
> Here's an Associated Press article.
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