IASB and FASB to hold crisis talks

Transatlantic standard setters are to kick off a series of talks to address reporting issues arising from the financial crisis next week.

The International Accounting Standards Board and the US Financial Accounting Standards Board announced the first of three public round-table discussions will start off in London on 14 November 2008.

'The round tables are intended to help the [IASB AND FASB] identify any accounting issues that may require the urgent and immediate attention of the boards to improve financial reporting and help enhance investor confidence in financial markets,' the two boards said in a joint statement.

The meetings will provide an opportunity for the two boards to hear input from a wide range of stakeholders including users and preparers of financial statements, governments, regulators and others.

'Participants in the round tables will also be asked to identify issues to which the boards should give longer-term consideration.

Dates for the other two round-tables to be held in Norwalk, Connecticut and Tokyo will be announced shortly, the standard setters added.