Below are 3 essay prompts. The essay has to cover the requirements of all 3 similar prompts. There are 6 sources that can be used under the seminar 5 section of the attached pdf named Volume I part III. The readings from these 6 sources need to be cleverly synthesised into an answer to the common denominators of the below prompts with a thesis, development and conclusion. If this first essay is successful I will order 6 more. Prompts:1- IASB responded to the EU carve out from IAS 39 by revising it with respect to the fair value option. Did this reflect the special issues relating to mark to market accounting for financial instruments by EU listed companies; or was it a wider reminder that there can never be complete separation of independent standard setting from legal regulation resulting from political pressures? Your answer should include a comment on the potential implications of the IASB s response for the future of international accounting standard setting.2- The EU carve out of IAS 39 and the IASB’s consequent revision of the standard illustrate some of the tensions of international accounting standard setting. What do these events show about the technical limitations of applying fair value and mark to market accounting, both for financial instruments and for other assets and liabilities? Given the variety of political pressures over adoption of standards in individual jurisdictions, what do they show about the potential future relationship between international standard setting and legal regulation.3- What are the prospects that in future there will be more (or fewer) international episodes like the EU carve out of IAS 39 and the IASB’s subsequent revision of the standard with respect to the fair value option for long term liabilities? In the light of the main technical arguments over the merits of fair value in this case, critically discuss how far independent international standards should properly be subject to legal regulation in individual jurisdictions resulting from political evaluation of the effects of adoption.
