Sample Essay

The recent financial crisis which many have quoted as a financial tsunami created havoc for several economies of the world and caused bankruptcy of several large companies. Other large corporations especially banks and financial institutions had to be rescued by government bailout packages or through mergers and acquisitions with other corporations. The financial crisis is directly linked to subprime mortgages which were the primary cause for the failure of banks and financial institutions.

The analysis of articles presented in the question follow a common theme which is the implementation of fair value accounting standards in companies, banks and financial institutions and the impact of any amendments in standards on these entities.  The analysis of articles present relationship of various accounting theories with use of fair value accounting, the amendments to fair value accounting standards and convergence of accounting standards. The general idea in all these articles is the financial crisis and its causes and almost all articles are linked to fair value accounting and its impact on companies in one way or the other. The specific issues discussed in these articles highlight how accounting standards can be amended to improve interpretation and application to companies. The only article not linked to fair value accounting and its application is the one written by Marie Leone which presents the inaccurate measurement of GDP as the cause of financial instability (Leone 2009).

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