Financial Crisis Advisory Group writes to G20

A prominent standard setter advisory group has notified the G20 summit that a no-holds-barred study into global financial reporting is being fine-tuned.

The Financial Crisis Advisory Group which sent the letter to Downing St last night was established by the IASB and its US counterpart FASB to advise the two boards about standard-setting implications of the global financial crisis and potential changes to the global regulatory environment.

The study which is due in July, will focus on how improvements to financial reporting may enhance investor confidence, in the wake of the capital markets upheaval.

FCAG said it would provide input and advice on significant accounting issues that require the boards' immediate attention 'including , "fair value (including mark-to-market)" accounting, loan provisioning, and structured entities and other off-balance sheet vehicles.'