The accounting for banks shows just how far in the other (wrong) direction accounting has moved since then. Losses are not recognised now until they are ‘realised’, which means they have been proved to exist by the failure to pay. This is why bank profits were over-stated before the 2008 crash. Anticipation had disappeared from loss accounting when once it was ever-present.
Isn’t that the Gordon Brown change on accounting for expected losses which Ritchie cheered on at the time as it increased tax collected?