The IASB is keenly aware of its need to play a leading role in dealing with financial issues raised by the global economic downturn and has issued a press release summarising the current status of its response to the global economic downturn and its proposed next steps.  
 
In particular it remains committed to the need to clarify IFRS in response to new market developments, and to date its response has focused primarily on the recommendations of the Financial Stability Forum (FSF), which had the support of the Group of Seven (G-7) Finance Ministers.  
 
In monitoring developments in the US and other jurisdictions to avoid unnecessary inconsistencies in accounting treatments under IFRS and US generally accepted accounting principles (GAAP), the IASB has committed to the following:

• Consistency of fair value measurement guidance between IFRS and US GAAP 
  
• Consideration of the possible impact of the US Emergency Economic Stabilisation Act of 2008 and other similar programmes internationally on the valuation of assets and liabilities 
  
• Immediate consideration of the ability to reclassify financial instruments 
  
• Willingness to participate in any study on the impact of accounting in the credit crisis