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January 2013 FSB meeting notes progress on restructure, receives report on convergence

  • FSB (Financial Stability Board) (lt green) Image

05 Feb 2013

The Financial Stability Board (FSB) has issued a press release with outcomes from its meeting held in Zurich on 28 January 2013. Among other topics, the FSB took steps to constitute itself as a legal entity, and received reports from the chairs of the IASB and FASB.

The FSB was established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability.

The constitution of the FSB as an association under Swiss law is a step towards implementing the recommendations endorsed by G20 Leaders at the Los Cabos Summit in June 2012 for placing the FSB on an enduring organisational footing with its own legal personality.

In relation to accounting, the press release states the following:

The FSB heard updates from the Chairs of the International Accounting Standards Board and the US Financial Accounting Standards Board on their work on convergence of accounting standards. The two Boards expect to make progress on the two key outstanding issues of impairment of loans (loan loss provisioning), where they expect to complete their deliberations in 2013, and insurance contracts, where both Boards will be holding public consultations this year . Members asked the two standard setters to set out by the end of 2013 their plans for achieving convergence on high-quality standards.

The FSB also discussed vulnerabilities in the global financial system and the progress in authorities' work to strengthen financial regulation, including on OTC derivatives and resolution regimes.

Click for access to the full press release (link to FSB website).

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