Responding to the Financial Crisis Advisory Group (FCAG) proposals on the impact on accounting of the financial crisis, Stephen Haddrill, the ABI’s Director General, who sat on the group, said:
“The financial crisis has emphasised the need for high-quality financial reporting. This report highlights the importance of independent accounting standard setting to investor confidence, as well as the need to avoid knee-jerk responses. The FCAG’s ideas will help both Boards to further improve the usefulness and accuracy of financial reports – which can only benefit a global recovery.”
The Financial Crisis Advisory Group was formed to advise the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) about the standard-setting implications of the financial crisis and potential changes in the global regulatory environment.
