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Nothing works the way it's suppose to in a recession. Throwing out the rulebook is not going to restore trust or confidence. There can be no trust as long as the mark-to-market accounting rules are suspended. Only a reason for the creation of more mistrust. Nobody knows what the financial outfit's balance sheets are worth and there's no way to know.
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With regards to the current situation, the relevant balance sheets won't be in the public domain for a good year yet, meaning that any suspension of accounting standards, even if it did happen wouldn't have any immediate effect whatsoever. Most financial institutions are going to have either December or April year ends so you won't see any accounts covering the current period until next June at the absolute earliest.
Also, nobody is suspending any accounting standards anyway. The IASB is looking at how one accounts for financial instruments on a fair value basis when the arse falls out of the markets but any changes will be made slowly and surely and follow a lengthy consultation process. Accouting standards aren't just dropped or ignored on the spot, that simply doesn't happen.
What kind of toxic man-thing is happening now?
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Fluffykitten McGrundlepuss