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VADEMÉCUM

Ven conmigo

26

among other things, the impact fair value accounting standards have on the quality of financial information provided to investors, the FASB's process for developing accounting standards, and whether existing fair value measurement guidance should be modified or be replaced by an alternative approach. The roundtable is part of the Commission's Congressionally-mandated study on the use of mark-to-market accounting by financial institutions.

IOSCO statement on accounting standards

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has issued a statement reaffirming its commitment to the development and enforcement of high quality accounting standards and to the independence of accounting standard setters. Click to download the IOSCO Statement PDF 39k).

Joint letter to US SEC supporting fair value measurements

On 15 October 2008 the Center for Audit Quality, CFA Institute, Consumer Federation of America, and the Council of Institutional Investors issued a Joint Letter to US SEC Chairman Christopher Cox (PDF 60k) urging the SEC not to override the fair value guidance recently issued by the Financial Accounting Standards Board, FSP FAS 157-3 Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active (FSP).

US bankers ask SEC to override FASB fair value guidance

The American Bankers Association (ABA) yesterday sent a Letter to US SEC Chairman Cox (PDF 263k) requesting that the SEC immediately take the following steps: Override FSP FAS 157-3 and replace it with guidance that clarifies that fair value in illiquid markets does not include forced or distressed sales. [Click here for Information about FSP 157 -3]

Provide guidance on 'other than temporary impairment' as requested in ABA's letters to the SEC and the FASB

Suspend the proposal on accounting for securitizations

Suspend work by accounting standard setters on any projects that would require fair value in any future accounting standards pending Congressional review of the study mandated by the Emergency Economic Stabilization Act

The ABA's letter also notes that "yesterday 15 European countries moved to make the types of accounting changes ABA has been advocating, but that FASB on Friday, as a practical matter, failed to implement".

European Parliament resolution on IASCF Constitution Review

On 9 October 2008, the European Parliament adopted a Resolution on the IASCF Review of the Constitution, Public Accountability, and Composition of the IASB (PDF 25k). Among other things, the Parliament:’ Expresses doubts as regards the desirability of setting up the Monitoring Group at this stage, before the second phase of the consultation process of the review of the governance of the IASB is launched'

Calls for the Monitoring Group, if established, 'to be involved in setting the agenda for the IASB'

'Deplores the fact that Parliament was not consulted about the establishment of an International Accounting Advisory Group'

Seeks 'political accountability' of members of the Monitoring Group

Believes that membership of the Monitoring Group should be permitted 'only after a commitment to introduce IFRS as the domestic standard'. [IAS Plus comment: Two of the proposed Monitoring Group members, the commissioner of the Japan Financial Services Agency and the chair of the US SEC, would not be eligible under this criterion]

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