Bending to bankers' complaints, the Financial Accounting Standards Board has delayed a new derivatives accounting rule and backed away from one of its more controversial requirements.

The accounting board Wednesday pushed back the deadline for compliance to July 1, 1998, from Dec. 15, 1997. The agency also disclosed that the proposed rule has been adjusted in order to reduce the volatility in earnings that could occur due to temporary gains or losses in the market value of derivatives contracts.

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