You really have to question which side these accounting rule-makers are on. Certainly not on the side of investors.

The Financial Accounting Standards Board has decided to delay proposed changes that would force banks and other financial firms to put certain off-balance-sheet vehicles on to their books, The Wall Street Journal reports.

These are the same vehicles that were tied up with the credit crunch. In other words, these were the same vehicles that resulted in the lack of disclosure that has hurt the US economy and had investors losing their shirts. Think of the hundreds of billions that Citigroup has off its books. Think of Fannie Mae and Freddie Mac.

The FASB has decided to delay it after pressure from US corporates and law makers but this is just delaying the inevitable.

As one letter to the Financial Times puts it, it merely puts off the day of reckoning. That's inevitable when you have so many questionable assets creating so much havoc in the market.