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Aiming for Global Accounting StandardsThe International Accounting Standards Board, 2001–2011$
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Kees Camfferman and Stephen A. Zeff

Print publication date: 2015

Print ISBN-13: 9780199646319

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780199646319.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 October 2021

The IASB Survives the Financial Crisis

The IASB Survives the Financial Crisis

(p.401) 13 The IASB Survives the Financial Crisis
Aiming for Global Accounting Standards

Kees Camfferman

Stephen A. Zeff

Oxford University Press

During the initial stages of the financial crisis, the IASB came under pressure to revise its guidance on fair value measurement for financial instruments traded in inactive markets. As the crisis intensified, the role of accounting standards in exacerbating financial instability became a matter of debate at the highest political level. In October 2008, the IASB was forced to amend IAS 39 without due process in order to avoid the loss of its franchise to set accounting standards for the EU. The IASB and the FASB sought to coordinate their attempts to develop a new financial instruments standard, but drifted apart as each faced its own political pressures. When the IASB produced a revised standard, IFRS 9, the European Commission declined to propose its endorsement for use in the EU.

Keywords:   financial crisis, fair value, fair value in inactive markets, reclassification of financial instruments, IAS 39, IFRS 9, G20, political intervention in standard setting, IASB

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