- Title Pages
- Foreword
- Preface
- List of Figures
- List of Tables
- List of Abbreviations
- The International Accounting Standards Board until 2011: A Basic Chronology
- 1 Introduction
- 2 Evolution of the IASC into the IASB
- 3 Setting Up the IASB
- 4 The First Wave of Jurisdictional Adoptions of IFRSs
- 5 The IASB Sets its Agenda
- 6 Financial Instruments
- 7 The IASC Foundation’s First Constitution Review
- 8 The United States Begins to Warm to the IASB
- 9 The IASB’s Vexed Relation with Europe
- 10 Adopt or Adapt
- 11 The IASB’s Organization Matures
- 12 Concepts and Convergence
- 13 The IASB Survives the Financial Crisis
- 14 Preparing the IASB for the Second Decade
- 15 The Uncertain Path Towards a Single Global Standard
- 16 The IASB and the FASB Rush to Complete the Convergence Programme
- 17 Epilogue
- Appendix 1 Trustees, Members of the Board, the Advisory Council, and the Interpretations Committee
- Appendix 2 Standards and Interpretations
- Appendix 3 IASC–IFRS Foundation Summary Financial Data 2001–11
- Appendix 4 List of Interviewees
- Appendix 5 Sources and Referencing
- Index
The IASB Survives the Financial Crisis
The IASB Survives the Financial Crisis
- Chapter:
- (p.401) 13 The IASB Survives the Financial Crisis
- Source:
- Aiming for Global Accounting Standards
- Author(s):
Kees Camfferman
Stephen A. Zeff
- Publisher:
- 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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- Title Pages
- Foreword
- Preface
- List of Figures
- List of Tables
- List of Abbreviations
- The International Accounting Standards Board until 2011: A Basic Chronology
- 1 Introduction
- 2 Evolution of the IASC into the IASB
- 3 Setting Up the IASB
- 4 The First Wave of Jurisdictional Adoptions of IFRSs
- 5 The IASB Sets its Agenda
- 6 Financial Instruments
- 7 The IASC Foundation’s First Constitution Review
- 8 The United States Begins to Warm to the IASB
- 9 The IASB’s Vexed Relation with Europe
- 10 Adopt or Adapt
- 11 The IASB’s Organization Matures
- 12 Concepts and Convergence
- 13 The IASB Survives the Financial Crisis
- 14 Preparing the IASB for the Second Decade
- 15 The Uncertain Path Towards a Single Global Standard
- 16 The IASB and the FASB Rush to Complete the Convergence Programme
- 17 Epilogue
- Appendix 1 Trustees, Members of the Board, the Advisory Council, and the Interpretations Committee
- Appendix 2 Standards and Interpretations
- Appendix 3 IASC–IFRS Foundation Summary Financial Data 2001–11
- Appendix 4 List of Interviewees
- Appendix 5 Sources and Referencing
- Index
