The Global Financial Crisis (GFC) has led to a major debate about fair-value accounting.

The Global Financial Crisis (GFC) has led to a major debate about fair-value accounting. Many critics argued that fair-value accounting is a root cause of the GFC. Critical discuss your view on the role of accounting standards in the GFC, the responses and actions from the International Accounting Standards Board (IASB) and to what extent the IASB’s actions are likely to have an impact on global financial stability.
Part B
Some particular IASB standards have received much attention during the GFC, for example IAS39 financial instruments. As part of IASB’s responses to the GFC, the IASB amended IAS39 during the crisis to allow for reclassification of financial instruments. Identify and analyse what are the potential problems associated with IAS39 and the IASB’s actions to improve this standard.
Part C
Explain how and why the Australian Accounting Standards Board (AASB) responded to the GFC. Critical discuss the influences of IASB on AASB in pursuing an international convergence of Australian accounting standards.

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