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Accounting for Financial Instruments
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The former Chairman of the American Federal Reserve, Alan Greenspan, once believed that lending institutions were doing a good job of protecting their shareholders. Following the credit crunch experience he admitted to being in a ‘state of shocked disbelief’. Perhaps this ‘shocked disbelief’ could now extend to investors and regulators (and indeed accoun- tants themselves) who once believed that the accounting standards for financial instruments were robust, reliable and capable of self-correction. A central theme of this book is to iden- tify if the already overburdened accounting standards are capable of evolving to capture the complexities of financial instruments. There is no shortage of books on how to account for financial instruments. The style of these books varies, some paraphrase the paragraphs in the standards while others go into more detail with practical examples. However, not all of the practical examples, even those produced by the standard setters themselves, follow a transparent logic – they are there- fore difficult to understand, let alone implement. Furthermore, the complexity and variety of financial instruments also means that not every situation is covered by the pages of guidance issued by the standard setters. This book firstly attempts to address these issues, and the concepts of the main derivative accounting standards are examined in detail; the development and logic behind the rules are then considered and followed up with practical examples.
Cormac Butler - Personal Name
978-0-470-69980-5
NONE
Accounting
English
2009
1-283
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