A Note: The perceptions of a CTA class regarding the changes to the international accounting standards dealing with financial instruments

Abstract

The IASB has recently begun redeveloping the accounting standards that deal with financial instruments. During 2009 the IASB issued an exposure draft (ED 7/2009), which proposed certain changes to IAS 39. This study seeks to investigate the perceptions of a CTA class regarding these proposed changes. The study also compares the students’ responses to the South African Institute of Chartered Accountants (SAICA) comments as well as the final IFRS 9. In general, it was found that the students were positive about the proposed changes, and formulated valid opinions regarding aspects thereof - although their practical examples were limited. It was found that the perceptions of the students mostly corresponded to the SAICA comments, and even more so to the final IFRS 9 drafted. It is conjectured that including students in the evaluation of an exposure draft could be beneficial to both the process and the students themselves, as it could develop the students’ pervasive professional skills (such as critical thinking, life-long learning and change management) as required by the new Competency Framework: Detailed Guidance for Academic Programmes.