While the global convergence of accounting standards is making steady progress, certain
issues stand out as challenges. A major area where an international accounting standard
has not gained universal acceptance is that of financial instruments. The European Union's
refusal to adopt all of International Accounting Standard (IAS) 39, Financial Instruments:
Recognition and Measurement, highlights that fact. The International Accounting Standards
Board continues to address financial instruments in efforts to remedy this situation. Thus, it is …