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Accounting for Financial Instruments

Accounting for Financial Instruments

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Regulators, credit rating agencies and accountants have come under increased pressure to reveal why they allowed financial institutions to take huge concealed leveraged exposures, creating a price bubble and a subsequent government bail out. Already investors are calling for major changes in the way that financial instruments are regulated and accounted for.

‘Accounting for Financial Instruments’ is designed to address the practical difficulties that accountants and auditors face when dealing with complex financial instruments. Accounting rules have been slow to catch up with the advent of complex derivative instruments, while the need for an improved accounting framework in financial institutions is greater than ever in view of the current financial crisis. The author makes use of practical examples (including extracts from accounts) and case studies to give depth to his analysis of various issues in accounting for derivatives, including:

• The influence of corporate governance on accounting for financial instruments

• The impact of IFRS and IAS accounting standards on the detail and implementation of accounting procedures for financial instruments

• The differences in European and American accounting standards in tackling the problems of off–balance sheet accounting

• Accounting for credit risk

• The role of accounting and auditing in the detection and prevention of fraud

• Accounting for insurance

• Hedge Accounting

• The influence of Basel II

• Accounting and Reconciliation

This work’s combination of discussion and practical examples makes it a useful reference for accountants dealing with these products. It provides guidance on expected future regulatory changes in accounting for these instruments, and is a valuable expose of the weaknesses in accounting procedures. It will be of interest to accountants, auditors, compliance officers, and anyone working with derivative products.