03 October 2008

The International Accounting Standards Board (IASB) today announced the current status of its response to the credit crisis and its next steps.

The IASB has already taken a number of actions to address issues related to the credit crisis. In publishing additional steps, the IASB reaffirms its commitment as a standard-setter to bring transparency to investors and other users of financial statements.

In responding to the credit crisis, the IASB recognises the need to clarify International Financial Reporting Standards (IFRSs) to address new market developments.

The IASB’s response has primarily focused on the recommendations of the Financial Stability Forum (FSF), which had the support of the Group of Seven (G-7) Finance Ministers. (A summary of the IASB’s response to the FSF is included in the Notes to Editors.)

The IASB is closely monitoring developments in the United States and other jurisdictions to avoid unnecessary inconsistencies in ...   more »