RegulationAccounting StandardsJoint standards advisory group announced

Joint standards advisory group announced

Global standard-setters have confirmed a cooperative venture in light of increasing concerns over economic stability

The International Accounting Standards Board (IASB) and the Financial
Accounting Standards Board (FASB) have announced a global advisory group.

The group will bring together regulators, preparers, auditors, investors and
other users of financial statements in addressing issues arising from the
unprecedented downturn in global credit markets.

Sir David Tweedie, chairman of the IASB, said the recent co-ordinated
response between global leaders has sparked the need for a group of this nature.

‘The new advisory group will help the boards to develop rapidly a
co-ordinated response to the economic crisis, and will provide additional global
perspective to both standard-setting organisations as we address the
increasingly complex issues that investors are facing,’ he said.

A joint meeting of the group will be held on 20 and 21 October to discuss
initial agenda items.

Further Reading:

IASB
confirms new reclassification rules

US
accounting regulator to issue fair value guidance

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