STANDARD BASIS OF THE FINANCIAL REPORTING AND FINANCIAL CRISIS
Journal Title: Acta Economica - Year 2010, Vol 8, Issue 12
Abstract
Emergence and development of financial crisis which turned into economic crisis have caused deeper analysis of rules of financial reporting from professional public and politicians. International bodies for accounting standards IASB and FASB as an answer to the crisis have accelerated the adoption of the unique set of comprehensible and applicable standards of financial reporting. The concept of fair value has been especially under criticism. This paper analyses consequences of application of mixed concept of fair value in financial crisis. Particular attention is drawn to the application problems of fair value in inactive and illiquid markets, the impact of fair value on pro-cyclicality of the financial markets and manifested volatility of financial reports.
Authors and Affiliations
Ката Шкарић Јовановић, PhD
Keywords
Related Articles
- EP ID EP43683
- DOI -
- Views 289
- Downloads 0
Basic determinants оf audit sampling with overview on practice in republic of Srpska
In frst stages of development of the auditing profession it was not unusual for the auditor to review nearly entire accounting records of the audited company. However, with companies’ growth, both in size and in complexi...
GLOBALISATION AND MODERNISATION OF A TRANSITIONAL ECONOMY
Understanding the essence of globalization and its dramatic and contradictory processes is a pre-requirement of successful modernization of any transitional country. If global courses are considered from the economic poi...
Financial reporting on investments in environmental protection
Corporate reporting focused on the financial performance of the reporting entity ceased to meet the changed and ever expanding needs of investors and other accounting public. Efforts being made to respond to these new req...
IMPACT OF THE NATIONAL ECONOMY ON FINANCING THE HEALTH SYSTEM OF THE REPUBLIC OF SRPSKA
Health is the first priority of every individual, and therefore of each community. Or at least it should be. The unobstructed functioning of the healthcare system is crucial for every society. The disturbance of its func...
INTEGRATION PROCESSES ON THE LABOR MARKET AS A RESPONSE TO CRISIS IN TRANSITIONAL ECONOMIES
In conditions of transition and globalization which bring their own costs, and respecting specifics of domestic market, the platform for future institutional activities on labor market must be clearly defined. All this i...