IASB and FASB set up advisory group

News Article - Monday, October 20, 2008

filed under: Business

A global advisory group which will help with the financial crisis has been created by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

The group, which will be made up of regulators, investors and auditors, among others, will aim to ensure that business reporting issues coming from the crisis are considered "in an internationally coordinated manner".

Initial subjects for the group to discuss, as well as other factors such as how members are to be appointed, will be talked over at a joint IASB and FASB meeting on October 20th and 21st.

IASB chairman Sir David Tweedie said: "The new advisory group will help the boards to develop rapidly a co-ordinated response to the economic crisis, and will provide additional global perspective to both standard-setting organisations as we address the increasingly complex issues that investors are facing."

The crisis seems set to continue for the near future in the UK, according to an announcement by Ernst & Young.

Its ITEM Club, delivering its autumn forecast, said the country's GDP will shrink by one per cent next year, with growth of just one per cent in 2010.