The IASB and FASB have announced that they will create a global advisory group comprising regulators, preparers, auditors, investors and other users of financial statements. The advisory group will help to ensure that reporting issues arising from the global economic downturn are considered in an internationally co-ordinated manner.  
 
At the joint meeting of the IASB/FASB on 20 and 21 October, the boards discussed the initial topics for the advisory group to consider. They also discussed how they can appoint the group and schedule its first meeting expeditiously. The boards will report on the first meeting and will consider the group’s discussions immediately thereafter.  
 
The approach will include:

• Rapid appointment of a high-level advisory group: The boards agreed that the advisory group shall be comprised of senior leaders with broad international experience with financial markets. The group will consider how improvements in financial reporting could help enhance investor confidence in financial markets and will also be responsible for identifying the accounting issues requiring urgent and immediate attention of the boards as well as issues for longer-term consideration.
 

• Public roundtables in Asia, Europe, and North America: In the coming weeks, while the advisory group is being established, the IASB and the FASB will organise three roundtables (in Asia, Europe, and North America) to gather input on reporting issues emanating from the current global financial crisis – including responses by governments, regulators and others. The first roundtable will be held in Europe.
 

• Common long-term solutions to reporting of financial instruments: In addition to considering the potential for short-term responses to the credit crisis, both boards emphasised their commitment to developing common solutions aimed at providing greater transparency and reduced complexity in the accounting of financial instruments.