A round table which will put the performance of IFRS and US GAAP under the microscope is set to kick off within the next few hours.

The Securities and Exchange Commission has convened the summit meeting to determine whether the recent capital markets upheaval exposed any flaws in the accounting rules.

The round table has been organised into two panels. Paul Boyle, the chief executive of the Financial Reporting Council, will sit on the financial services industry sector panel, which includes an Ernst & Young representative.

Envoys from Grant Thornton, KPMG and BP will be part of the second panel discussing financial reporting in other industry sectors.

'Expected panelists include investors, issuers, auditors, and others with experience in considering or evaluating company financial statements that are prepared in accordance with IFRS or US GAAP during these current times,' the SEC said.

Individuals from the Financial Accounting Standards Board and International Accounting Standards Board will be present as observers, the SEC added.