Interaction between the Financial Stability Board and the IASB

Date recorded:

Mr Jerry Edwards (FSB) briefed Council members on the interaction and cooperation between the IASB and the Financial Stability Board and, indirectly, the G20. In particular, he reviewed the work of the FSB and its predecessor body the Financial Stability Forum since 2007, noting the considerable contributions of the IASB and the FASB towards improving transparency and market discipline, convergence in financial reporting. Noting the challenges being encountered in accounting for impairment of financial instruments, he encouraged the IASB and FASB to seek common solutions and to work towards consistent implementation of standards.

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