Home  Journals  International Accounting  18(216) - 2012 May

Stages of reforming of registration principles, classifications and estimations of cost of financial instruments

Available online: 14 May 2012

Subject Heading: ON THE WAY TO THE INTERNATIONAL STANDARDS

JEL Classification: 

The article describes joint investigations of IASB and FASB in the sphere of modernization of international financial standards especially financial instruments. The latest changes in financial instruments were analyzed and reviewed. The changes were made to simplify accounting of financial instruments, to make financial standards more clear and understandable, to correct fair value principles. The key reasons of updating IFRS are international financial circumstances being changed due to financial crisis and difficulties among financial institutions all over the world. The article also underlines problem of IFRS and US GAAP. The article is based on G20, IASB and FASB reports and PWC's review of changes in IFRS.

Keywords: financial instruments, financial assets, financial liabilities, credit risk, fair value, business-model

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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