International standard setter publishes replacement for IAS39 in wake of banking crisis
The International Accounting Standard’s Board has released its contentious fair value standard, ending one of the most controversial projects in its short history.
The new accounting rule, hastily revised and reworked in the wake of the international financial crisis, aims at reducing the complexity of the fair value principle.
Fair value - the accounting principle which forces companies to value assets at their every day market value – came under sustained attack in the immediate wake of the financial crisis as banks and other financial institutions watched on as the value of their financial instruments plummeted in severely depressed markets.
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