ABI: Response to financial crisis advisory group report

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.