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

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.’

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Fiona Westwood of Smith and Williamson.