Joint standards advisory group announced

by Judith Tydd

17 Oct 2008

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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced a global advisory group.

The group will bring together regulators, preparers, auditors, investors and other users of financial statements in addressing issues arising from the unprecedented downturn in global credit markets.

Sir David Tweedie, chairman of the IASB, said the recent co-ordinated response between global leaders has sparked the need for a group of this nature.

'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,' he said.

A joint meeting of the group will be held on 20 and 21 October to discuss initial agenda items.

Further Reading:

IASB confirms new reclassification rules

US accounting regulator to issue fair value guidance

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