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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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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
DOI:10.1093/acprof:oso/9780199646319.003.0006

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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