Essay: Standards of IASB

Sample Essay

The most significant idea presented in the article is the speed by which the amendments to the statement have taken place. An accountant from the big four accounting firms has explained that the original standard took 10 years to complete. The Institute of Chartered Accountants in England and Wales as expressed by the article is also concerned with the speed of amendments to standards of IASB. The proposed amendments in the standard would require companies to recognize and state financial instruments which do not have a loan feature on fair values instead of amortized cost (Hooi 2009).

There are various accounting theories which are related to this article or which impact the issues discussed in the article. The main issues discussed in the article are the implementation of IAS 39 in banks and financial institutions and impact of proposed amendments in the standard on financial instruments. Some theories related to issues in the article are discussed here. The decision usefulness theory of accounting is based on methods and principles applied to the accounting functions to make useful decisions (Cyert and DeGroot 1987).

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