Yesterday, the Financial Crisis Advisory Group (FCAG) publicly released a letter addressed to Prime Minister Gordon Brown in his role as chair of the leaders of the G-20 nations. In the letter, Co-chairs of the FCAG Harvey J. Goldschmid and Hans Hoogervorst urged member nations of the G-20 to allow the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) to focus on the highly complicated technical work of the financial instruments and consolidation/derecognition projects. The letter comes one month after the release by the FASB of guidance on fair value accounting and other-than-temporary impairments, following immense pressure from Congress.

While they were supportive of previous efforts to act promptly and responsibly to address financial reporting issues brought to light by the financial crisis, the FCAG cautioned that “[a]dditional work on other issues, beyond the commitments the Boards have already made, will inevitably lead to delays on the project that matter most.”