G-7, Endorsing FSF Report, Asks IASB, Other Standard-Setters Take Action Within 100 Days on Off-Balance Sheet, Valuation
In a Joint Statement issued on April 11, the G-7 Finance Ministers “strongly endorsed” recommendations for wide-ranging actions contained in a report presented to them by the Financial Stability Forum (FSF), and recommended that certain actions be undertaken “within the next 100 days” in response to the current market turmoil. This includes a recommendation that the IASB and other relevant standard setters “initiate urgent action to improve the accounting and disclosure standards for off-balance sheet entities and enhance its guidance on fair value accounting, particularly on valuing financial instruments in periods of stress. " Read more here.
Posted by Edith Orenstein, FEI Financial Reporting Blog, April 14, 2008. (Originally posted April 12, 2008.)