FSF follow-up on recommendations
26 Oct 2008
The Financial Stability Forum (FSF) has published a report assessing the implementation, to date, of the recommendations in their 7 April 2008 Report on Enhancing Market and Institutional Resilience.
The FSF is a global organisation of regulators and central bankers. The report analysed the causes and weaknesses that have produced the recent turmoil in financial markets worldwide and made recommendations for correcting those weaknesses, including several for the IASB. Those recommendations addressed, among other things, accounting and disclosure standards and guidance for off-balance sheet vehicles and for valuations. The new implementation report, titled Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience: Follow-up on Implementation (PDF 161k) reviews the progress of the IASB and the FASB on off-balance sheet vehicles on pages 16-17 and on valuations on pages 17-19.
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Regarding valuations, the FSF implementation report states: The FSF acknowledges the significant efforts of accounting standards setters, and urges them to accelerate their work to enhance and converge their guidance on the valuation of instruments in inactive markets. |
