The Trustees of the IASC Foundation have sent a letter to participants of G20 meeting on 15 November in Washington, D.C. The IASB has taken urgent action to improve the application of fair value principles and is committed to working with the US Financial Accounting Standards Board (FASB) to ensure globally consistent solutions as it responds to the credit crisis.

On November 15, 2008, President Bush and world leaders gathered to discuss efforts to strengthen economic growth, deal with the financial crisis, and to lay the foundation for reform to ensure a similar crisis does not happen again.

The Securities and Exchange Commission (SEC) is proposing a Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) by U.S. issuers for purposes of their filings with the SEC.

Canada’s Accounting Standards Oversight Council (AcSOC) has expressed full support for the efforts of the International Accounting Standards Board (IASB) to develop a globally accepted set of financial reporting standards.