- 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
Financial Instruments
Financial Instruments
The Confrontation with Europe
- Chapter:
- (p.138) 6 Financial Instruments
- Source:
- Aiming for Global Accounting Standards
- Author(s):
Kees Camfferman
Stephen A. Zeff
- Publisher:
- Oxford University Press
Accounting for financial instruments became a test-case for the adoption of IFRSs by the European Union. The standard IAS 39 had always been controversial. There was a widely held view that the IASB was not sufficiently receptive to the views of the European banking industry while making a number of short-term improvements to IAS 39 prior to its endorsement for use in the EU. The IASB, on its part, insisted that it had followed due process and properly exercised its independent expert judgment. The issue ascended to the political level. IAS 39 was endorsed in 2004, but with two so-called carve-outs. Relations between the IASB and its European constituents were severely strained, even before the actual transition to IFRSs in 2005.
Keywords: European Union, European Commission, endorsement of IFRSs, IAS 39, financial instruments, hedge accounting, fair value option, carve-out, 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
