Bankers at a hearing in Norwalk, Conn., have dug in for a last-ditch stand against a controversial derivatives reporting rule.

At a four-day hearing of the Financial Accounting Standards Board, bankers are arguing that a proposed accounting requirement - which FASB intends to implement this summer in hopes of providing investors with a more accurate picture of corporations' fiscal condition - would distort earnings statements and ultimately discourage sound risk management practices.

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