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Supervisory guidance for assessing banks' financial instrument fair value practices through the Pillar 2 supervisory review process

The application of fair value accounting to a wider range of financial instruments, together with experiences from the recent market turmoil, have emphasized the critical importance of robust risk management and control processes around fair value measurements. Moreover, given the significance of fair value measurements for regulatory capital adequacy and internal bank risk management it is equally important that supervisors assess the soundness of banks' valuation practices through the Pillar 2 supervisory review process under the Basel II Framework.

http://www.bis.org/publ/bcbs145.htm

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Tags: IFRS7, Union Legend

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