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How to Fix Financial Reporting by David Bogoslaw - Article Example

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The article “How to Fix Financial Reporting” by David Bogoslaw, describes different issues that are related to financial reporting one of which is the credit crisis which had spread from US banks to Korea and Russia. Other issues are off-balance-sheet financing and pension fund accounting. …
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How to Fix Financial Reporting by David Bogoslaw
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Download file to see previous pages The article states that traditional financial reporting system must move to electronic database format for making analysis easy and correct. In the year 2008, the International Accounting Standards Board (IASB) took a series of steps towards resolving the problem of a credit crisis. IASB has identified the need to concentrate on new market development to simplify the International Financial Reporting Standards (IFRS). IASB mainly targeted the proposal of Financial Stability Forum (FSF). IASB directly observed the development of US accounting standards to avoid pointless contradiction in accounting in IFRS and GAAP (IASB, 2008).
1. Fair Value Measurement: IASB has drafted guidelines on fair value measurement of the financial instrument in a market that is not active anymore. In the process of fair cost measurement, IASB has formed a panel which includes expert advisors who will examine the fair cost measurement application. The expert advisors are selected according to practical experience of the current market environment. The panel formed by IASB helps to review the valuation process. IASB requested the panel to judge the probable development to the regulation on ‘valuation and disclosure of financial instruments’ but in the meantime not to disclose the aptness of fair value as an approach to evaluate a particular type of financial instruments (IFRS Foundation, 2008).
2. Disclosure of Financial Instrument: IASB worked directly with FASB (Financial Accounting Standards Board) to formulate a common approach which was related to the issue of valuation of financial asset and liability. IAS 32 provides guidelines of the disclosure about financial instrument, including information of fair cost. ...Download file to see next pagesRead More
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