China

Details

  • Service: Audit
  • Industry: Financial Services
  • Type: Business and industry issue
  • Date: 5/25/2010

IFRS - Things to look out for in 2010 

Without a doubt, the biggest accounting challenge facing financial institutions in the near future will result from the proposed replacement of IAS 39 Financial Instruments: Recognition and measurement. The current accounting requirements have been heavily criticized for both their complexity and, more recently, in light of weaknesses exposed by the financial crisis.

 

The G20, the Financial Stability Board and others have asked standard setters to look at improving standards with the aim of achieving a single set of global accounting standards. Key concerns raised about the current standards relate to delayed recognition of credit losses, difficulty in applying fair value accounting in illiquid markets and the complexity of financial instruments accounting rules.

IFRS - Things to look out for in 2010
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