“There are probably some dangerous things left off the balance sheet still, and we’ll only find out what in the next crisis,” said David Sherman, an accounting professor at Northeastern University in Boston. “But how many times do we have to go through this to figure it all out?”

After failing to agree on common standards for derivatives netting and consolidation of securitizations, rule-setters are now heading in different directions as they debate how to account for loan-loss reserves.