Pres. Wkg Group, IASB Stmts Ref. SEC-FASB on Fair Value
By Edith Orenstein, FEI Financial Reporting Blog - Earlier today, the President’s Working Group on Financial Markets (PWG) issued a statement outlining how various regulatory agencies are responding to conditions in current markets, and referencing powers provided under the Emergency Economic Stabilization Act of 2008 (EESA). Separately, on Friday, the IASB announced next steps in the credit crisis, including plans to remain consistent with the recent clarification on fair value in inactive markets issued last week jointly by the SEC and FASB. Read more on the PWG and IASB statements and related developments here.