Financial Stability Forum cites IASB progress

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08 Sep 2006

At its meeting in Paris on 6 September 2006, the Financial Stability Forum (FSF) discussed risks and vulnerabilities in the international financial system and reviewed ongoing work to strengthen financial system stability and resilience.

One of the areas of discussion was international accounting and auditing issues, including IFRSs:

Members reviewed recent international accounting and auditing developments, including the need to achieve more consistent interpretations of International Financial Reporting Standards (IFRS) and the IASB's "standard setting pause" under which no major changes to IFRS will become effective until 2009. They welcomed work on convergence and harmonisation underway between the IASB, the US FASB and other authorities. Members reiterated the important role that financial accounting and reporting standards play in safeguarding financial stability.
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