IAS 39: Financial Instruments: Recognition and Measurement is a measure of instrument of the International Accounting Standards Board (IASB).
It was adopted by the European Union in 2004.[1] In 2005, the EU also introduced the fair value and hedging provision of the amended version of IAS 39.[2][3] The EU version is set to be changed at the end of 2008 in response to the financial crisis of 2008.[4] The comparative accounting measures in the United States are FAS 133 and FAS 157. The Financial Accounting Standards Board (FASB) released a 'FASB Staff Position' statement in October, 2008, in response to the financial crisis.[5]