Some of the major changes pertain to certain critical areas such as classification and valuation of financial assets, classification and valuation of liabilities, impairment provisions and fair value measurement. One area of concern has been the drawback of the incurred loss model of IAS 39 and the need to introduce more forward  BIS central bankers’ speeches  3  looking provisioning.
We have seen the how concept of “marked to market” turned to be useless at the time of real crisis through the potential futility of the idea of “marked to model” as being divorced from real market and virtually ended up with a situation that can best be described as “marked to madness”.