A unifying principle: Change in accounting standards

There has been an outbreak of unprecedented co-operation between the two accounting standard-setters, the IASB and FASB, in their push to establish a single, globally accepted set of rules governing fair value accounting. The stakes are high, as many blame the existing rules for exacerbating the financial crisis.

International Accounting Standard (IAS) 39 has attracted more than its fair share of criticism since it was adopted in 2005. Covering the recognition and measurement of financial

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