Crisis group revealed

A special unit set up to look at accounting in the wake of the financial
crisis has been set up by international and US standard setters.

The International Accounting Standards Board and the US Financial Accounting
Standards Board announced the membership of the new body yesterday (Tuesday).

The group will be chaired jointly by Harvey Goldschmid, former commissioner
at the Securities and Exchange Commissioner, the US financial watchdog, and Hans
Hoogervorst, chairman of the Dutch watchdog AFM.

The new body, the Financial Crisis Advisory Group, will examine financial
reporting arising from the financial crisis.

Goldschmid said: ‘There is much to be considered and we will proceed as
quickly as possible with an understanding there are complex issues with large
public policy stakes and many interdependencies. There are likely to be few
quick fixes.’
The full FCAG membership is:

  • John Bogle, Founder, Vanguard, United States
  • Jerry Corrigan, Goldman Sachs and former President of the New York Federal
    Reserve Bank, United States
  • Fermin del Valle, former President, IFAC, Argentina
  • Jane Diplock, Chairman, IOSCO Executive Committee, New Zealand
  • Raudline Etienne, Chief Investment Officer, New York State Common Retirement
  • Stephen Haddrill, Director General, Association of British Insurers, UK
  • Toru Hashimoto, former Chairman, Deutsche Securities Limited, Japan
  • Nobuo Inaba, former Executive Director, Bank of Japan, Japan
  • Gene Ludwig, former Controller of the Currency, United States
  • Yezdi Malegam, Board Member, National Reserve Bank of India, India
  • Klaus-Peter Müller, Chairman of the Supervisory Board, Commerzbank, Germany
  • Don Nicolaisen, former Chief Accountant, US Securities and Exchange
    Commission, United States
  • Wiseman Nkuhlu, Chairman of the Audit Committee, AngloGold Ashanti; former
    Economic Advisor to the President of the Republic of South Africa
  • Tommaso Padoa-Schioppa, former Finance Minister, Italy
  • Lucas Papademos, Vice-President, European Central Bank
  • Michel Prada, former Chairman, Autorité des marchés financiers, France

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