Prompted by a request from the Financial Stability Forum, the International Accounting Standards Board has asked senior bankers, executives from insurers, and regulators to get together to discuss the issue of valuing securities. Many in the industry have criticized the IASB for supporting "fair value" accounting, which they say has exacerbated the credit crunch and created a downward spiral. The IASB's working group, which also includes representatives from ratings agencies and audit firms, is set to meet June 13 in London to discuss the project's scope.

Related Summaries