More NewsIASB and FASB Create Advisory Group to Review Credit Crisis Reporting Issues

IASB and FASB Create Advisory Group to Review Credit Crisis Reporting Issues

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) will create a global advisory group comprising regulators, preparers, auditors, investors and other users of financial statements. The advisory group will help to ensure that reporting issues arising from the global economic crisis are considered in an internationally co-ordinated manner. At a joint meeting, the boards will discuss the initial topics for the advisory group to consider. They will also discuss how they can appoint the group and schedule its first meeting expeditiously. Sir David Tweedie, chairman of the IASB, said: “Recent statements from the G7 and other world leaders highlight the need for an internationally co-ordinated policy response to the credit crisis. The IASB has acted quickly to issue amendments on reclassifications, fair value measurement guidance for illiquid markets, and disclosures. We are pleased that the European Union has acted quickly to accept our amendments on reclassifications. The new advisory group will help the boards to develop rapidly a co-ordinated response to the economic crisis, and will provide additional global perspective to both standard-setting organisations as we address the increasingly complex issues that investors are facing.”

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