There is a row over the new IFRS 9 standards. Those are new accounting rules supposed to be introduced by 2018 (outside of the US). As this FT article summarises:
Banks were unable to book accounting losses until they were incurred, even though they could see the losses coming. At times the incurred loss rule meant banks overstated profits upfront and did not make prudent provisions against expected losses, particularly in areas such as loans secured against property.
Now, as I said a few weeks ago, accounting rules seem to mostly respect the rule of law as described by Hayek, by experimenting, learning from their mistakes and evolving, step by step. The process can be slow and the experiment can turn wrong in the short run. Whether IFRS standards have respected this process is arguable.
A FT editorial declares that banks should not be able to game the rules
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Utopia, you are standing in it! 
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