Need help with my writing homework on Corporate theory and pratice. Write a 2500 word paper answering; ther regulatory bodies therefore acted urgently initiating a raft of new amendments aimed at halting firms from concealing underperforming portfolios through ingenious accounting practices (Brodie, 2008). Consequently the IASB and the FASB issued amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures that permit the reclassification of some financial instruments and require consequential additional disclosures in respect of any reclassification made. . These amendments were issued to address the current market conditions and, due to its urgency, were issued without the normal due process .(IASB &. FASB, 2009).
The Financial Statement Presentation is one of the seven joint IASB and FASB financial accounting projects set to concluded by the year 2011 in three phases [See Table 1]. The main preposition was the introduction of a cohesive, disaggregated, and liquid and flexible. The FSP Discussion Paper (DP) – Preliminary views on Financial Statement Presentation is founded on three premises which require a presentation of the FSP in such a way that: