The current study aims at exploring the reason that stands behind the current
international financial crisis, examining the claim of blaming fair value
accounting standards, and exploring all procedures taken by IASB, and FASB in
this regard.
To achieve the objectives of the study, the researchers used two methodologies:
First, descriptive, and which was achieved via exploring experts' opinions
regarding the financial crisis, and second, analytical, and which was achieved
via distributing questionnaire via on-line blog.
The results obtained are: (a) this crisis is unique in its type and quantity, (b) all sectors will be affected by this crisis due to the fact that all banks are the main
sectors affected by this crisis, and play main role for lending, (c) there is conflict
among economists about the crisis reasons and impact, however; all agreed that
fair value accounting standards were not the cause behind the financial crisis, (d)
all agreed to keep on using fair value and that both IASB and FASB will be able
to handle the crisis, and finally (e) the researchers believe that both ethical crisis
on the one hand and economic and political monopoly by USA, on the other
hand, are the main reasons behind the international financial crisis

Title

Journal of Baghdad college of economic sciences university

Publisher

Bi-annual scientific journal concerned with economic , administrative , and computer studies , Baghdad college of economic sciences university

Publisher Country

Iraq

Publication Type

Both (Printed and Online)

Volume

20

Year

2009

Pages

175-208