FASB and IASB Announce Further Details on Global Approach to Credit Crisis

The FASB and the International Accounting Standards Board (IASB) have announced further details about their joint effort to deal with reporting issues arising from the global financial crisis.
Specifically, the Boards agreed to the following:

• Rapid appointment of high-level advisory group: The Boards agreed to move quickly to identify members for their recently announced joint advisory group so that the group can begin its work expeditiously. The high-level advisory group will be tasked with considering how improvements in financial reporting could help enhance investor confidence in financial markets, including identifying issues requiring immediate attention and issues warranting longer-term consideration.
• Public roundtables in Asia, Europe, and North America: The purpose of these public roundtables is to gather input on reporting issues emanating from the current global financial crisis.
• Common long-term solutions to reporting of financial instruments: In addition to considering the potential for short-term responses to the credit crisis, the Boards will continue to develop common solutions aimed at providing greater transparency and reduced complexity in the accounting for financial instruments.

A press release containing further information is available on the FASB's website: http://www.fasb.org/news/nr102008.shtml