The Financial Accounting Standards Board is “pretty close” to approving rules on off-balance-sheet accounting that will force banks to add billions of dollars of assets to their books, Chairman Robert Herz has said, according to Bloomberg News.

Rules letting companies keep assets including mortgages and credit-card receivables off their balance sheets “were stretched,” Herz said today at an accounting conference at Baruch College in New York. The changes would take effect next year, he said.

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