FCAG recommendations on standard-setting

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02 Aug 2009

The Financial Crisis Advisory Group (FCAG) – a high level group of recognised leaders with broad experience in international financial markets formed jointly by the IASB and the US FASB – has published its recommendations related to accounting standard-setting activities, and other changes to the international regulatory environment following the global financial crisis.

The report of the FCAG articulates four main principles and contains a series of recommendations to improve the functioning and effectiveness of global standard-setting. The chief areas addressed in the report are:
  • Effective financial reporting
  • Limitations of financial reporting
  • Convergence of accounting standards
  • Standard-setters' independence and accountability
The principles and a summary of the recommendations are set out in an appendix to the Press Release (PDF 30k). The FCAG will reconvene in December to review the progress made on its recommendations. Click to Download the Report (PDF 377k). Here is the link to our broade range of Information Relating to IFRSs and the Credit Crunch.

 

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