The Financial Crisis Advisory Group (FCAG) is chaired jointly by two co-chairs - one from each of Europe and North America - and comprises approximately 15-20 senior leaders with broad experience of international financial markets and an interest in the transparency of financial reporting information. Depending on the needs of the advisory group, subcommittees may be formed to consider various issues.
In order to provide the IASB and the US Financial Accounting Standards Board (FASB) and others in the financial reporting system with the benefits of their advice, the advisory group will generally meet in public sessions that are webcast. The meetings also may involve private sessions, at the discretion of the co-chairs.
The meetings will be held in London and New York on a rotating basis, the first meeting took place in January 2009. Staff support for the advisory group is provided by the IASB and FASB.
Advisory members are entitled to be reimbursed for actual out-of-pocket travel expenses incurred in connection with advisory group meetings if it is their employer�s policy not to provide reimbursement for such costs.