Contemporary Issues in Accounting International Accounting Standards

Question: Discuss about theContemporary Issues in Accountingfor International Accounting Standards Board. Answer: Introduction The basic problem identified in the given case study is the inclusion of particular referencing prudence in the basic tenets for putting pressure on the accounting area for causing scrutinizing the losses at the bank. According to (Rankin et al., 2012) the case study inclusion of prudence will be helping the lawmakers to avoid continuing financial crises the country is facing since 2007. There is some a problem faced by IASB for implementing US accounting rules in the European legislation. In regard with the prudence (Zeff, 2012), it can be said that prudence should be appropriately implemented in the in the conceptual framework of the IASB. Due to the financial crises faced by the country the regulatory have decided to implement prudence (Ifrs.org, 2016). For implementing prudence in the IASB, in the year 2012, European Union provided 7.1 million pounds for funding the implementation (Iasplus.com, 2016). There was dropped of particular prudence in 2010 by IASB for aligning both IASB and accounting rules. Moreover, in 2008, leaders of the world called IASB with US Counterpart FASB, who were pressurizing bank for identifying the source of the loan early and speedy action will be avoiding the calling on the taxpayer. All the possible solution has failed in the two boards. In other words, it can be said that prudence serves to be an important basic for tenets. IASB has dashed the hope of rejecting calls and reintroducing prudence which has been defined as bias in the conservation of IFRS (Deegan, 2016). IASB has been reintroducing for putting more restriction on the notion of prudence. Some of the investors in the UK will be demanding the return in the prudence interest for the degree of protection. Reference List Deegan, C. (2016). Twenty five years of social and environmental accounting research within Critical Perspectives of Accounting: Hits, misses and ways forward.Critical Perspectives on Accounting. Iasplus.com. (2016).International Accounting Standards Board (IASB). [online] Available at: https://www.iasplus.com/en/resources/ifrsf/iasb-ifrs-ic/iasb [Accessed 16 Oct. 2016]. Ifrs.org. (2016).IFRS - Home. [online] Available at: https://www.ifrs.org/Pages/default.aspx [Accessed 17 Oct. 2016]. Rankin, M., Stanton, P. A., McGowan, S. C., Ferlauto, K., Tilling, M. (2012).Contemporary issues in accounting. John Wiley and Sons Australia, Limited. Zeff, S. A. (2012). The Evolution of the IASC into the IASB, and the Challenges it Faces.The Accounting Review,87(3), 807-837.