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Ernst & Young, the global professional services organization, has just published a “blueprint” which it believes paves the way forward for the International Accounting Standard (IAS) 39 Financial instruments: recognition and measurement. Responding to the International Accounting Standards Board’s (IASB) exposure draft reviewing IAS39, Ernst & Young says that it believes “it is the complexity and riskiness of financial instruments themselves, not the way they are accounted for,” that was one of the underlying causes of the financial crisis. Ernst & Young thinks that through its proposals, the firm has found a way to bring together the many views and differing stakeholder concerns and set a potential scene for the convergence of standards in the future. Recognising the IASB’s move to review...
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