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The global nature of the financial crisis has underscored the need for globally accepted improvements to financial accounting and reporting standards, the FCAG noted in its letter to the G20 leaders urging continued support for the IASB-FASB discussion process.
The Boards will issue a comprehensive proposal later this year to improve and streamline the reporting of financial instruments, in particular on the valuation and off-balance sheet standards.
The FCAG believes that the more significant, lasting, and global improvements are those that will stem from the financial instruments and consolidation/derecognition projects. “We at the FCAG are united in recommending to the two Boards that these joint and comprehensive projects be the focus and chief priority of both organizations”, they state.
Attachment I - List of FCAG membership
Attachment II - Overview of measures by the IASCF and the IASB