Impairments of Greek Government Bonds under IAS 39 and IFRS 9: A Case Study

References

• Banco BPI. (2011). Report 1st half 2011. Retrieved from http://bpi.bancobpi.pt/index.asp?riIdArea = AreaDFinanceiros&riId = FReports
   Google Scholar
• Bank of Greece. (2015). Trading volume of Greek government bonds. Retrieved from http://www.bankofgreece.gr/Pages/en/Markets/HDAT/statistics.aspx
   Google Scholar
• Basel Committee on Banking Supervision. (2015). Guidance on credit risk and accounting for expected credit losses. Retrieved from http://www.bis.org/bcbs/publ/d350.htm
   Google Scholar
• Beck, P. J., & Narayanamoorthy, G. S. (2013). Did the SEC impact banks’ loan loss reserve policies and their informativeness? Journal of Accounting and Economics, 56(2–3), 42–65. doi: 10.1016/j.jacceco.2013.06.002
   Web of Science ®Google Scholar
• Bischof, J., & Daske, H. (2016). Interpreting the European Union’s IFRS endorsement criteria: The case of IFRS 9. Accounting in Europe, 13(2). doi:10.1080/17449480.2016.1210181
   Google Scholar
• Bloomberg. (2012, June 17). Greek crisis timeline from Maastricht Treaty to election rerun. Retrieved from http://www.bloomberg.com/news/articles/2012-06-17/greek-crisis-timeline-from-maastricht-treaty-to-election-rerun
   Google Scholar
• Camfferman, K. (2015). The emergence of the ‘incurred-loss’ model for credit losses in IAS 39. Accounting in Europe, 12(1), 1–35. doi: 10.1080/17449480.2015.1012526
   Web of Science ®Google Scholar
• Commerzbank. (2010). Interim report as of March 31, 2010. Retrieved from https://www.commerzbank.de/media/en/aktionaere/service/archive/konzern/2010_2/Q1_2010_Zwischenbericht.pdf
   Google Scholar
• Credit Agricole. (2010). Financial review at 31 March 2010. Retrieved from http://www.credit-agricole.com/en/Investor-and-shareholder/Financial-reporting/Credit-Agricole-S.A.-financial-results
   Google Scholar
• Cruces, J. J., & Trebesch, Ch. (2013). Sovereign defaults: The price of haircuts. American Economic Journal: Macroeconomics, 5(3), 85–117.
   Web of Science ®Google Scholar
• European Securities and Markets Authority (ESMA). (2011). Sovereign debt in IFRS financial statements (public statement ESMA/2011/397). Retrieved from https://www.esma.europa.eu/sites/default/files/library/2015/11/2011_397.pdf
   Google Scholar
• FASB. (2015). Project update accounting for financial instruments—Credit impairment. Retrieved from http://www.fasb.org/jsp/FASB/FASBContent_C/ProjectUpdatePage&cid = 1176159268094
   Google Scholar
• Financial Crisis Advisory Group. (2009). Report of the financial crisis advisory group – July 28, 2009. Retrieved from http://www.ifrs.org/Features/Documents/FCAGReportJuly2009.pdf
   Google Scholar
• Financial Stability Forum. (2009). Report of the financial stability forum on addressing procyclicality in the financial system. Retrieved from http://www.financialstabilityboard.org/wp-content/uploads/r_0904a.pdf
   Google Scholar
• Fitch Ratings. (2015). Complete sovereign rating history (updated 24 August 2015). https://www.fitchratings.com/web_content/ratings/sovereign_ratings_history.xls
   Google Scholar
• G20. (2009). London summit – Leader’s statement 2 April 2009. Retrieved from https://www.imf.org/external/np/sec/pr/2009/pdf/g20_040209.pdf
   Google Scholar
• Gebhardt, G. (2008). Accounting for credit risk: Are the rules setting the right incentives? International Journal of Financial Services Management, 3(1), 24–44. doi: 10.1504/IJFSM.2008.016697
   Google Scholar
• Gebhardt, G. (2015). Ausgewählte Probleme der Internationalen Konzernrechnungslegung: Bilanzierung von Finanzinstrumenten [Selected problems in international group accounting: Accounting for financial instruments]. Unpublished Teaching Material, Goethe Universität Frankfurt.
   Google Scholar
• Gebhardt, G., & Novotny-Farkas, Z. (2011). Mandatory IFRS adoption and accounting quality of European banks. Journal of Business Finance and Accounting, 38(3–4), 289–333. doi: 10.1111/j.1468-5957.2011.02242.x
   Web of Science ®Google Scholar
• Grünberger, D. (2013). Kreditrisiko im IFRS-Abschluss: Handbuch für Bilanzersteller, Prüfer und Analysten [Credit risk in IFRS financial statements – Handbook for preparers, auditors and analysts]. Stuttgart: Schäffer-Poeschel.
   Google Scholar
• Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365–383. doi: 10.2308/acch.1999.13.4.365
   Google Scholar
• Hoogervorst, H. (2011). Letter to the ESMA chair of 4 August 2011. Retrieved from http://www.asymptotix.eu/news/iasb-letter-esma-banks-warned-write-downs-greek-debt (original link http://www.ifrs.org/NR/rdonlyres/949CAE0C-3E3B-4F64-9F1D-53B491458880/0/LettertoESMA4August2011.pdf not available)
   Google Scholar
• IASB. (2008). Reducing complexity in reporting financial instruments (Discussion Paper, March 2008). Retrieved from http://www.ifrs.org/Current-Projects/IASB-Projects/Financial-Instruments-A-Replacement-of-IAS-39-Financial-Instruments-Recognitio/Discussion-Paper-and-Comment-Letters/Documents/DPReducingComplexity_ReportingFinancialInstruments.pdf
   Google Scholar
• IASB. (2010). IAS 10: Events after the reporting period (Blue Book 2010). London: IASB.
   Google Scholar
• IASB. (2011). IAS 39: Financial instruments: Recognition and measurement (Blue Book 2011). London: IASB.
   Google Scholar
• IASB. (2013). IFRS 13: Fair value measurement (December 2013). London: IASB.
   Google Scholar
• IASB. (2014). IFRS 9: Financial instruments (July 2014). London: IASB.
   Google Scholar
• IASB & FASB. (2013). Meeting of the G20 finance ministers and central bank governors 15–16 February 2013 (Update by the IASB and FASB). Retrieved from http://www.ifrs.org/Use-around-the-world/Global-convergence/Convergence-with-US-GAAP/Documents/IASB-FASB-G20-Update-February-2013.pdf
   Google Scholar
• IFRIC. (2012). IFRIC update September 2012. Retrieved from http://media.ifrs.org/IFRICUpdateSep12.pdf
   Google Scholar
• International Monetary Fund (IMF). (2010). Greece: Stand-by arrangement – Review under the emergency financing mechanism (IMF Country Report No. 10/217). Retrieved from https://www.imf.org/external/pubs/ft/scr/2010/cr10217.pdf
   Google Scholar
• Joint Working Group of Standard Setters. (2000). Draft standard and basis for conclusions – financial instruments and similar items. London: Accounting Standards Board (ASB).
   Google Scholar
• KBC. (2010). KBC group extended quarterly report 1Q 2010. Retrieved from https://multimediafiles.kbcgroup.eu/ng/published/KBCCOM/PDF/COM_RVG_pdf_Quarterly_report_EN_1Q_2010.pdf
   Google Scholar
• Lloyd, S. (2014). IFRS 9: A complete package for investors. IASB Investor Perspectives, July 2014. Retrieved from http://www.ifrs.org/Investor-resources/2014-Investor-Perspectives/Documents/Investor-Perspective-Financial-Instruments-July-2014.pdf
   Google Scholar
• Moody’s. (2011). Sovereign default and recovery rates 1983-2010 (Special Comment, 10 May 2011). Retrieved from https://www.moodys.com/Pages/Sovereign-Default-Research.aspx
   Google Scholar
• Novotny-Farkas, Z. (2016). The interaction of the IFRS 9 expected loss approach with supervisory rules and implications for financial stability. Accounting in Europe, 13(2). doi:10.1080/17449480.2016.1210180
   Google Scholar
• O’Hanlon, J., Noor, H., & Weijia, L. (2016). Expected-loss-based accounting for impairment of financial instruments: The FASB and IASB proposals 2009–2016. Accounting in Europe, 13(2). doi:10.1080/17449480.2016.1210179
   Google Scholar
• Royal Bank of Scotland. (2010). RBS group interim management statement Q1 2010. Retrieved from http://www.investors.rbs.com/~/media/Files/R/RBS-IR/Archived/rbs-final-q1-2010.pdf
   Google Scholar
• Ryan, S. G. (2007). Financial instruments and institutions: Accounting and disclosure rules (2nd ed.). Hoboken, NJ: Wiley.
   Google Scholar
• Schmidt, M., & Bierey, M. (2015). Stacking the deck while regulators are watching – the case of European banks’ impairments on Greek government bonds (Working Paper June 2015). Berlin: ESCP Europe.
   Google Scholar
• SPIEGEL ONLINE. (2011a). Time for a haircut? IMF pressures Greece to restructure debt (4 April 2011). Retrieved from http://www.spiegel.de/international/europe/time-for-a-haircut-imf-pressures-greece-to-restructure-debt-a-754864.html
   Google Scholar
• SPIEGEL ONLINE. (2011b). The haircut war: Tensions worsen between Berlin and European central bank (30 May 2011). Retrieved from http://www.spiegel.de/international/europe/the-haircut-war-tensions-worsen-between-berlin-and-europeancentral-bank-a-765601.html
   Google Scholar
• Sturzenegger, F., & Zettelmeyer, J. (2005). Haircuts: Estimating investor losses in sovereign debt restructurings, 1998–2005 (IMF Working Paper WP/05/137, July 2005). Retrieved from https://www.imf.org/external/pubs/ft/wp/2005/wp05137.pdf
   Google Scholar
• Tomz, M., & Wright, M. L. J. (2013). Empirical research on sovereign debt and default (Working Paper 18855, February 2013, NBER Working Paper Series, National Bureau of Economic Research). Retrieved from http://www.nber.org/papers/w18855
   Google Scholar
• Wall, L. D., & Koch, T. W. (2000). Bank loan loss accounting: A review of theoretical and empirical evidence. Federal Reserve Bank of Atlanta Economic Review, 85(2), 1–19.
   Google Scholar
• Wimmer, K., & Kusterer, S. (2010). Kreditrisikovorsorgemodelle im Vergleich [Comparison of impairment models]. Die Wirtschaftsprüfung, 63(92), 454–463.
   Google Scholar
• Zettelmeyer, J., Trebesch, Ch., & Gulati, M. (2013). The Greek debt restructuring: An autopsy (CESifo Working Paper No. 4333, July 2013). Retrieved from https://www.cesifo-group.de/de/ifoHome/publications/working-papers/CESifoWP/CESifoWPdetails?wp_id = 19093002
   Google Scholar