ICGN members are largely institutional investors who collectively represent funds under management in excess of US$15 trillion. The ICGN statement expressly rejects any political interference in setting accounting standards:

Accounting standards: There must be no political interference in setting accounting standards. The fair value approach has been blamed for encouraging pro-cyclicality. Investors generally support fair value that delivers a picture of what is actually happening. There are some challenges to address, but abandoning this approach would damage confidence in financial reporting. It is important to recognise that there is a difference between fair value used for reporting and fair value used to measure the need for regulatory capital. Accounting standards also need to be clearer about when off-balance sheet business should be reported.

Click to view the Public Statement on the Global Financial Crisis (PDF 62k).