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The progressive globalization of the world and the development of the market brought the need for international accounting standards so that in this way the economic and financial information were based on a common set of principles, in order to create a flow of reliable financial information throughout the European Union. The IAS 39 is a very important Standard for entities that need to evaluate and measure financial instruments. However, it is also very complex. Moreover, the recent financial crisis has been highlighted the limitation of this Standard as regard the fair value measurement whereas the values set by the market were not material with respect to their actual economic value, with negative consequences over the financial statements. The IASB had always intended that IFRS 9 would replace IAS 39 in its entirety. The core analysis of this work concerns the hedge accounting among the two Standards. The objective is to illustrate the new requirements, of IFRS 9, for hedge accounting, in comparison with IAS 39 and some illustrative cases in order to evaluate their effects.

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Cristiana Ferro studied International Accounting at the Università degli Studi di Torino and she has been graduated in July 2015 with the dissertation "The hedge accounting approach: comparison between IAS 39 and IFRS 9".She has been working in the audit field of financial companies since January 2015.

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