Banks’ Trading of Gold, Copper Set for Accounting Rules Refresh

Bank holding companies like Wells Fargo & Co. and JPMorgan Chase & Co. are slated to get their wish answered for fresh guidance on how to account in their financial reports for the gold, copper, corn, or other commodities they hold to trade.

The Financial Accounting Standards Board voted Wednesday to add a project to its technical agenda on commodities following a years-long research effort into how to improve guidance. The majority of the board supported taking up the project, though some members preferred different approaches.

Some supported pursuing an path that would give bank holding companies the option of ...