We can see that standard setting is very effective by IASB and other standard setting bodies in times of economic crisis. It has helped to restore some level of confidence among the investors, for example through the dealing with the fair value measurement problem. It had been a long existing one and the IASB has now approached the issue by providing a more clear definition of fair value and providing guidelines for its dealing in illiquid markets.
The economic crisis has also opened the gate for more emphasis on other rules experts have been critical about such as those relating to leasing. Off-balance sheets item will be directly addressed as well making the users of the statements put greater trust in the financial statements as true representations of the state of a business, allowing them to make more informed decisions and hopefully get involved in the market again.
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