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The Financial Crisis Advisory Group announced to come forward with its analysis of various studies connected with the financial crisis in July. In a letter to the G20, the joint IASB/FASB study group outlined that it is currently considering the SEC’s study on ‘mark-to-market’ accounting, the FSA’s Turner Review, and the FSF’s work on addressing procyclicality in the financial system, as well as the important communiqué of the Group of 20 finance ministers issued in March.
The FCAG is considering how improvements to financial reporting may enhance investor confidence in the financial markets and is seeking to identify, and provide input and advice on, significant accounting issues that require the boards’ immediate attention or longer-term consideration.