Accounting models ten years ago were generally bereft of specific guidance for recognizing and measuring financial instruments. Most GAAPs were capable of providing some guidance for accounting for borrowings, but were light on guidance in areas where financial instruments were considered to be more esoteric, particularly derivatives. In most instances, accounting practice developed through application in specific industries, either through industry standards or statements of recommended practice, so that certain industries, particularly the financial services industry, and other similar industries, such as commodity trading, applied a consistent methodology.