IASB position on fair value accounting

The International Accounting Standards Board (IASB) has reviewed the clarification by staff of the US Securities and Exchange Commission (SEC) and the US Financial Accounting Standards Board (FASB) on fair value accounting and considers it consistent with IAS 39 Financial Instruments: Recognition and Measurement (read the SEC Press Release). The IASB has also announced the current status of its response to the credit crisis and the next steps. It reaffirms its commitment as a standard-setter to bring transparency to investors and to clarify International Financial Reporting Standards (IFRS) to address new market developments. (Read the IASB Response to the Credit Crisis and press releases on October 2, 2008 and October 3, 2008)