FASB, IASB put together rapid-response team to deal with credit crisis

The Financial Accounting Standards Board and the International Accounting Standards Board want to create an advisory group to wrestle with tough accounting issues created by the credit crisis. But it isn't clear whether the board will be able to find members for the advisory committee quickly enough to deal with the problems. The FASB and IASB want the committee's advice so the two boards can give coordinated responses to credit crunch problems, such as the variety of opinions on fair-value accounting. Read the news release from FASB and IASB.

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