Citicorp. the nation's leading bank holding company. has urged the Financial Accounting Standards Board to retain the current accounting standard for impaired loans rather than continue with a proposal that may be less useful to lenders and users of financial statements.
Citicorp representatives blasted the proposal during a Nov. 9 public hearing at FASB's headquarters in Norwalk. Conn., saying that it would create a false financial picture that could lead bank management. investors, analysts and regulators to make incorrect decisions.