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FCAG progress report to G-20

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05 Jan 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.

An excerpt:

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:

  • the US Securities and Exchange Commission's response to the comments it has received regarding its proposed roadmap for the potential use of International Financial Reporting Standards (IFRS) by domestic US reporting companies;
  • the European Union's endorsement decision regarding the completed first part of the IASB's financial instruments project, IFRS 9 Financial Instruments: Classification and Measurement;
  • the constituent feedback on the IASB's proposed standard from the second part of its financial instruments project, Financial Instruments: Amortized Cost and Impairment, and the issuance of its proposal on hedge accounting, the third and final part of its financial instruments project; and
  • the issuance by the FASB of its comprehensive financial instruments proposals on classification and measurement, impairment, and hedge accounting.

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.

Click for: Letter to G-20 Participants (PDF 26k)

 

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