Accounting for financial instruments, Financial Management

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The IASB is in the procedure of undertaking a comprehensive review of accounting for financial instruments, and has issued a latest financial instruments standard referred to as IFRS 9 Financial Instruments. IFRS 9 (AASB 9) was issued to replace IAS 39 (AASB 139) Financial Instruments: Recognition and size. IFRS 9 (AASB 9) is applicable to annual reporting periods starting on or after 1 January 2013, although early adoption is permitted.

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Talk about critically the shortcomings and criticisms of IAS 39 (AASB 139) which have given rise to IFRS 9 (AASB 9). How will the application of IFRS 9 (AASB 9) impact on the accounting for financial instruments in financial reports? Your discussion should be demonstrated and informed by reference to two listed companies (ASX or other sources for the most previous years), that are either using IAS 39 (AASB 139) or that have decided to fast adopt IFRS 9 (AASB 9). Your discussion should also consider the views of a range of researchers and accounting users, and be appropriately referenced from authoritative sources.

 


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