Accounting Implications Related to the Financial Crisis
Author:
Monica BIZON, PhD Student
JEL:
DOI:
Keywords:
financial crisis, financial instruments, assessment, fair value disclosure
Abstract:
In order to come up against the accounting implications of the financial crisis, the international body IASB (International Accounting Standards Board) has published in October 2008 a range of amendments brought to the international standards IAS 39 „Financial Instruments: Recognition and Measurement” and IFRS 7 „Financial Instruments: Disclosures”. \r\nAmong others, amendments aims to reduce the differences between IFRS and US GAAP in the assessment and disclosure fields, with regard to the financial instruments. \r\nThose amendments published by IASB were approved during the same month at level of the European Union, by issuing the Regulation (CE) no. 1004/2008.