The Global Financial Crisis

International Resources

The following list includes links to international organizations, such as standard setters, development agencies, and others, that have documents or other resources addressing the financial crisis. Information is alphabetized by the name of the organization.

If your organization has resources dedicated to the financial crisis that you would like to have appear on this web page, please email them to communications@ifac.org.


Accounting Standards Board (AcSB)

The Canadian Accounting Standards Board has issued a special FYI that addresses a number of significant accounting topics related to the current economic climate.

Auditing Practices Board (APB)

The UK Auditing Practices Board has issued a bulletin, Going Concern Issues During the Current Economic Conditions, which can be downloaded from www.frc.org.uk/apb/publications/bulletins.cfm.

Bank for International Settlements (BIS)

The Bank for International Settlements maintains a library of working papers, many of which focus on the credit crisis.

Basel Committee on Banking Supervision

External Audit Quality and Banking Supervision (December 2008) describes the areas related to audits of banks that merit the Committee's focus and the steps it intends to take regarding these areas in light of the current financial crisis.

European Commission (EC)

The European Commission provides a quick guide to its responses to the credit crisis, including a chronology, press releases, key documents, video, and useful links.

The EC also brings some alleviation by eliminating the existing costly and burdensome accounting reconciliation requirements between the EU and its key trading partners.

European Financial Reporting Advisory Group (EFRAG)

EFRAG intends to place more emphasis on developing its own research and discussion papers in order to exercise greater influence over the future direction of international financial reporting. Chairman of the EFRAG Supervisory Board Göran Tidström, who is also IFAC's Vice President, pointed out that "the current financial crisis has demonstrated once more the importance for Europe to influence the international standard-setting process in order to find global solutions with proper priority." EFRAG publications can be viewed at www.efrag.org.

Global Accounting Alliance (GAA)

Getting to the heart of the issue – Can financial reporting be made simpler and more useful? (January 2009) highlights the concerns of a wide range of stakeholders regarding financial reporting, and supports the growing international movement to make financial reports simpler and better focused on stakeholder’s needs.

Global Public Policy Committee: Standards Working Group

The Standards Working Group of the Global Public Policy Committee recently released the results of a survey that sought views in a number of key areas, including the economic crisis, accounting standards, financial and non-financial reporting, corporate reporting, and risk management and controls. A PowerPoint presentation based on the results of the survey is also available.

HM Treasury

The HM Treasury explains the current global economic challenges facing the UK and Europe.

The International Accounting Standards Board (IASB)

The IASB has developed a web page in response to the current credit crisis. The web page contains the recommendations of the Financial Stability Forum, which form the core of the IASB's response to the crisis, and its subsequent actions. The web page also contains a listing of all key IASB announcements in response to the credit crisis.

The Financial Crisis Advisory Group (FCAG) was established by the IASB and the US Financial Accounting Standards Board to advise the two Boards about the standard-setting implications of the global financial crisis and potential changes to the global regulatory environment.

The FCAG has issued a letter to the members of the G20, providing an update on their work.

International Monetary Fund (IMF)

The International Monetary Fund gives an overview on its credit crisis policy and information on current responses, analyses, and research.

International Organization of Securities Commissions (IOSCO)

In May 2008, IOSCO issued a Report on the Subprime Crisis, followed by a statement in November 2008 that articulates its stance regarding accounting standards and the credit crisis and issues periodic reports on the crisis.

Financial Executives International (FEI)

Financial Executives International maintains a Topic Library page that touches upon many aspects of the financial crisis, including the debate over fair value accounting.

Financial Stability Forum (FSF)

The Financial Stability Forum provides a number of publications related to the financial crisis. In particular, the FSF has published Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience, based on an analysis of the causes and weaknesses that produced the crisis. It includes recommendations for increasing the resilience of markets and institutions going forward.

Additional publications can be viewed at http://www.financialstabilityboard.org/list/fsb_publications/index.htm.

Public Company Accounting Oversight Board (PCAOB)

Standing Advisory Group Meeting Standards-Setting Accomplishments and Priorities lists a set of planned efforts for the coming year, including a number of responses to the credit crisis.

 The United Nations Development Policy and Analysis Division

A special web page features the UN division's World Economic Situation and Prospects reports, of which the financial crisis is a major focus.

World Bank

A financial crisis web page outlines the World Bank's current and future plans for addressing the crisis, as well as blogs, research, and vital information by region.

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