IASB provides update on steps taken in response to the Global Financial Crisis

The International Accounting Standards Board (IASB), as part of its response to the global financial crisis, has taken a series of actions to address recommendations made by the G20 leaders last month. The decisions taken by the boards this week follow earlier action detailed below:

• an IASB amendment to permit reclassifications of financial assets under certain circumstances (13 October),
• proposals to enhance disclosures of financial instruments (15 October),
• publication of guidance for the application of fair value in illiquid markets (31 October), and
• the establishment of a joint Financial Crisis Advisory Group, chaired by Harvey Goldschmid, a former commissioner of the US Securities and Exchange Commission, and Hans Hoogervorst, chairman of the Netherlands Authority for the Financial Markets. This group will meet several times in the first quarter of 2009.

Commenting on the work completed this week and the IASB’s response to the financial crisis more generally, Sir David Tweedie, IASB Chairman said:

" The IASB continues to move quickly to address financial reporting issues highlighted by the global economic crisis. G20 leaders have called for a globally coordinated response. We are committed to developing globally consistent approaches with our colleagues at the US FASB in order to serve the interests of investors and other users of financial information. We will act as speedily as possible, consistent with robust due process, to ensure the outcomes are themselves robust & well respected ".

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