Setting global standards
Accounting standard boards have been under fire for the complexity and lack of consistency of their rules for financial instruments. With political pressure being heaped upon accountants, the International Accounting Standards Board has revealed its intentions to replace IAS 39. Christopher Whittall reports
International Accounting Standard (IAS) 39 has attracted more than its fair share of criticism since it was adopted in 2005. Covering the recognition and measurement of financial instruments, the standard has been lambasted by corporate treasurers and banks for contributing to greater balance-sheet volatility due to its requirement that a wide variety of assets be measured at fair value.
Since the onset of the financial crisis, and particularly since the collapse of Lehman Brothers last
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