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The Impact of IAS on Banks

David Southern Barrister 3 Temple Gardens Tax Chambers discusses the impact of International Accounting Standards on banks
Broadly the principal effects of International Accounting Standards (IAS) are:
●     all derivatives many financial instruments and some financial assets must be carried on the balance sheet at fair value;
●     changes in value go through the income statement or equity (reserves); and
●     the use of hedge accounting is restricted.
These broad changes have a number of particular effects for banks.
The business of banks is buying and selling money. In consequence banking business has always been more highly geared than other forms of enterprise. The account of banks instead of following the...

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