Research On International Convergence Of Accounting Standards For Financial Instruments

Corporate accounting standards in each country, when the accounting standards related to financial instruments, the content itself is extremely complex. The financial crisis broke out in the US in 2008. All the people have accused the "International Accounting Standard No. 39- recognition and measurement of financial instruments" at that time(the IAS39). People said the financial instruments of the complexity and the pro-cyclical phenomenon, is worthy of the main reason of the financial crisis. In this particular context, rapidly developed and introduced the "International Financial Reporting No. 9- Financial Instruments"(referred IFRS9), is the unanimous choice. After the discussion the leaders of the world’s 20 countries, they finally come to a consensus. The International Accounting Standards Board(the IASB) takes the lead to changing the old series of the accounting standards, which has lasted for five years. The final version of the financial instruments IFRS9 eventually released. The publication of the IFRS9 is the symbol of discussions on financial instruments related to the development of international accounting standards have ended. Guidelines related to financial instruments based on the original have also taken a big step during these days. I believe that the comparison of the world’s most advanced guidelines in order to gain experience in the development of the guidelines is very necessary. Therefore, this article describes details of the contents of IFRS9 reform and the differences to our accounting standards related to financial instruments mainly by comparing the category and calculation of the financial instruments, the diminution of the financial assets and hedge accounting of these three aspects, and finally put forward recommendations of our financial instruments International Convergence of Accounting Standards policy.This article begins with the research background and purpose of the research. After reading a lot of literature, I made a detailed review of the financial instruments accounting standards in China, in the United States and in the world proving the process from the building of the China’s monetary tools accounting principle to develop, to the International Convergence of the international development process. In other words, this is the whole process of our financial instruments International Convergence of Accounting Standards. On this basis, the paper describes the main progress points of IFRS9 reform compared to the old guidelines and criteria of IAS39. Aiming at the three main aspects of changes, we can find out differences between it and our existing guidelines and also the related revised version in 2014. Exploring the advantages of IFRS9, and make an analysis of China’s actual conditions and find the reason of failing to reach exactly the same copy of international norms. Taking into account of China’s actual conditions and the transition of the Chinese market economy, this paper proposes the next step of financial instruments International Convergence of Accounting Standards...