The boards announced further details on their joint approach to dealing with reporting issues arising from the global financial crisis. It includes a high-level advisory group, a series of roundtables and the further development of accounting rules.
IASB and FASB announced further details on their joint approach to dealing with reporting issues arising from the global financial crisis. It includes the rapid appointment of a high-level advisory group, a series of roundtables and the further development of accounting rules.
The boards agreed on a rapid appointment of a high-level advisory group that will consider how improvements in financial reporting could help enhance investor confidence in financial markets. The group also will be charged with identifying the accounting issues requiring urgent and immediate attention of the boards as well as issues for longer-term consideration. The high-level advisory group will also draw upon work already underway in a number of jurisdictions on accounting and the credit crisis.
The boards will also organise three roundtables to gather input on reporting issues emanating from the current global financial crisis including responses by governments, regulators and others.
Boards also emphasised their commitment to developing common solutions aimed at providing greater transparency and reduced complexity in the accounting of financial instruments. The boards will reconsider the composition of the existing IASB Financial Instruments Working Group to ensure that working group provides appropriate and balanced advice to both boards.
Press release
© IASB - International Accounting Standards Board
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