FCAG progress report to G-20
Jan 05, 2010
The Financial Crisis Advisory Group (FCAG), an independent advisory body to the IASB and FASB, has sent a Letter to G-20 Participants updating them on the progress of the IASB and the FASB toward a single set of global financial reporting standards.
Although conditions may have improved somewhat in various markets around the globe, the FCAG believes it remains critically important to achieve a single set of high quality, globally converged financial reporting standards that provide consistent, unbiased, transparent and relevant information across geographical boundaries. We are encouraged by the Boards' progress to date in developing such standards....
The next several months are likely to see a number of key developments, including:
In light of all of this, the FCAG expects to meet again in the fourth quarter of 2010 to review the Boards' further progress and any relevant external developments.