Financial Crisis Advisory Group issues letter to G-20 on IASB and FASB progress

The next several months are likely to see a number of key developments, including:

the US Securities and Exchange Commission's response to the comments it has received regarding its proposed roadmap for the potential use of International Financial Reporting Standards (IFRS) by domestic U.S. reporting companies;
the European Union's endorsement decision regarding the completed first part of the IASB's financial instruments project, IFRS 9, Financial Instruments: Classification and Measurement;
the constituent feedback on the IASB's proposed standard from the second part of its financial instruments project, Financial Instruments: Amortized Cost and Impairment, and the issuance of its proposal on hedge accounting, the third and final part of its financial instruments project; and
the issuance by the FASB of its comprehensive financial instruments proposals on classification and measurement, impairment, and hedge accounting.

In light of all of this, the FCAG expects to meet again in the fourth quarter of 2010 to review the Boards' further progress and any relevant external developments.

The complete letter and its attachment can be viewed HERE