Standard setters from across the globe have sent a communique to the IASB expressing their support for the under-fire body.

The signatories of the National Standard Setters Group included Ian Mackintosh of the Accounting Standards Board and standard setters from Korea, Hong Kong, Australia, France, Sweden and South Africa.

The NSS was spurred into action in the wake of the IASB coming under severe political pressure as the financial crisis worsened.

After its recent reclassification of certain hard-to value assets, the IASB is still under pressure because it has now been asked to carry out a further review of standards and to complete its considerations in time for 31 December year end financial reporting.

'We continue to support the IASB and its efforts to achieve true global financial reporting standards.We urge those adopting international financial reporting standards to accept the decisions of the IASB if they are made with adequate due process and deliberation, taking into account the impacts on markets and the economy,' the NSSG said in the communique.'

The NSS added that due process might have to be accelerated because of the economic turmoil:

'While appropriate due process should allow constituents ample time to consider and comment on any changes, it may be, in these extraordinary times, that due process will need to be shortened. Should this be the case we stand ready to assist the IASB to achieve the most effective due process possible.'

Further reading:

Sigh of relief for the IASB-but is it all over?