Sample Essay

The selected article presents the effects of International Accounting Standard 39 on banks and financial institutions. The article explains the expected impact of proposed amendments in the standard and criticism on these amendments from various people and institutions. The main accounting issues presented in the article are recording of financial assets at fair values under IAS 39 and expected problems for banks in implementing the proposed amendments to the standard.

The article relates to the G-20 summit recently held in Pittsburg which was held to discuss background of and issues related to IAS 39: Financial instruments. Banks have blamed IAS 39 as the main catalyst for the recent financial crisis which they claimed to be the main factor in failure of banks and financial institutions. The regulatory bodies and IASB on the other hand are of the view that the financial crisis was inevitable as fair values of financial assets plummeted and the market went short of liquidity. Views of several individuals representing banks, accounting firms and regulatory bodies have been presented in the article to provide both positive and negative effects of fair value measurement on banks and financial institutions.

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