The Financial Crisis Advisory Group was formed at the request of the International Accounting Standards Board (the Board) and the US Financial Accounting Standards Board (FASB) to consider financial reporting issues arising from the crisis.
The advisory group was chaired jointly by two co-chairs—one from each of Europe and North America—and comprised approximately 15-20 senior leaders with broad experience of international financial markets and an interest in the transparency of financial reporting information.
The advisory group considered how improvements in financial reporting could help enhance investor confidence in financial markets. The advisory group also helped identify significant accounting issues that required the urgent and immediate attention of the boards, as well as issues for longer-term consideration.
In providing that advice, the advisory group drew upon work that was already under way in a number of jurisdictions on accounting and the credit crisis, as well as information gathered from the public round-tables meetings—one each in Asia, Europe, and North America—that the boards hosted in November and December 2008.
The advisory group was invited to discuss, among other issues, the following: