As valuation analysts continue to follow IFRS convergence issues, they might be interested in "IFRS and 2009 Financial Statements," in the most recent edition of CFA Magazine. Highlights include:

• Financial instrument accounting, and its impact on equity, distortions of net interest margin and other key ratios, and inadequate disclosures;
• Consolidation and derecognition, two areas that many view as requiring significant improvement;
• Segment reporting—a/k/a "the modified management approach," its advantages and disadvantages for analysts;
• Goodwill impairments—given the market crisis, 2009 statements are likely to include significant write-downs; and
• Other key considerations—including reclassification changes, credit risk (which arises from the recognition of gains related to liabilities), and fair value measurements based on internal models.

Copies of the complete article are available here.