Financial Stability Forum cites IASB progress

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17 Sep 2003

At its meeting in Paris on 10 September 2003, the Financial Stability Forum (FSF) discussions focused on three topics: vulnerabilities in the international financial system; market foundations and corporate governance; and offshore financial centers.

Regarding market foundations and corporate governance, the FSF said:

"Accounting standards. Members noted that good progress has been made in the IASB and FASB short-term convergence project and in strengthening accounting standards internationally. However, some complex and difficult issues remain unresolved. Reaching an international consensus on these issues will require consultation on all sides, and the larger objectives that motivate the need for convergent accounting standards – including financial efficiency, stability and transparency – should be kept in mind."

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