НОРМАТИВНА ОСНОВА ФИНАНСИЈСКОГ ИЗВЕШТАВАЊА И ФИНАНСИЈСКА КРИЗА
STANDARD BASIS OF THE FINANCIAL REPORTING AND FINANCIAL CRISIS
Author(s): Kata Škarić JovanovićSubject(s): Supranational / Global Economy, Business Economy / Management, Economic history, Economic policy, Political economy, Public Finances, Socio-Economic Research
Published by: Економски факултет Универзитета у Бањој Луци
Keywords: financial crisis; financial reports; fair value; pro-cyclicality; volatility;
Summary/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.
Journal: Acta Economica
- Issue Year: 8/2010
- Issue No: 12
- Page Range: 103-124
- Page Count: 22
- Language: Serbian