Below is a list of initiatives undertaken by IFAC members, associates, recognized regional organizations, and acknowledged accountancy groupings to address the global financial crisis. They are alphabetized according to the name of the accountancy institute.

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.

The American Institute of Certified Public Accountants (AICPA)

AICPA’s Economic Crisis Resource Center contains relevant resources in the areas of accounting, auditing, finance, risk management, human resources and tax. The information is specifically organized for accountants in public practice, business & industry, and government.

Cost-Cutting: Most Effective Strategy to Survive a Recession reports the results of the AICPA's First Quarter Business and Industry Economic Outlook Survey.

When Just Working Harder Won't Do discusses why CPAs need to work smarter and change old habits to thrive in the new economy.

CPA Straight Talk is a podcast series that features the thoughts and insights of CPA experts on recession-related topics, such as asset impairment and fraud detection and prevention.

Dealing with Tough Times advises managers to focus on key areas that matter, including long-term strategy, personnel, equipment and facilities, operations, and finances. 

The Association of Chartered Certified Accountants (ACCA)

The Global Economy: Addressing the Challenges website aims to provide professional accountants with quick access to a range of relevant resources, including ACCA's technical thought leadership on the current global economic conditions.

The policy paper Climbing out of the Credit Crunch (November 2008), examines five key areas - corporate governance, remuneration and incentives, risk identification and management, accounting and financial reporting and regulation - and recommends that accepted practices in all these areas need to change to avoid future failures.

The Canadian Institute of Chartered Accountants (CICA)

In October 2008, CICA published a Director Alert, The Global Financial Meltdown – questions for directors to ask.

MD&A Disclosures in Volatile and Uncertain Times alerts business leaders on issues to consider in MD&A disclosures to keep investors informed in current market conditions.

The web page http://www.cica.ca/financialcrisis includes additional resources from the CICA and other organizations on the financial crisis.

The Chartered Institute of Management Accountants (CIMA)

CIMA is supporting its members and students via a special web page Leading in a Downturn, which also links to CIMA’s contributions to the media discussion on the crisis.

The guide Strategy Under Stress, Managing Stategy in a Downturn offers clear, relevant steps for organizations to apply in order to drive better decision making, both during a recession and in preparation for the subsequent upturn.

Chinese Institute of Certified Public Accountants (CICPA)

CICPA has launched a web page dedicated to the financial crisis that features high-profile speeches, initiatives of the profession, national policies, as well as international updates.

Conseil Supérieur de l'Ordre des Experts-Comptables (CSOEC)

Past IFAC President René Ricol has been appointed Credit Mediator by French President Nicolas Sarkozy. See René Ricol’s Report on the Financial Crisis.

CPA Australia

CPA Australia has launched a Global Financial Crisis web page that provides practical tools and information, including articles, guides, checklists, top tips, multimedia, and regular blog updates.

Fédération des Experts Comptables Européens (FEE)

FEE, the IFAC recognized regional organization for the accountancy profession in Europe, has published three policy statements on the financial crisis:

1. Reflecting on the Crisis, which emphasizes the importance of corporate governance and financial reporting for restoring market confidence;
2. Matters of Specific Relevance for Statutory Auditors during the Financial Crisis, which looks at matters of specific relevance for statutory auditors during the financial crisis; and
3. Call for Action for European SMEs, which focuses on the need for supporting and improving the conditions for small- and medium-sized entities.

The Institute of Certified Public Accountants of Greece (SOEL)

In November 2008, SOEL held a conference on the role of public accountants and oversight authorities in times of financial crisis with speakers like Prof. Stavros Thomadakis, chairman of the Public Interest Oversight Board (PIOB, www.ipiob.org).

Some of the conference speeches can be found on the website of the institute (in Greek).

The Institute of Certified Public Accountants in Ireland (CPA Ireland)

The Credit Crunch Resource web page provides access to relevant news articles, information, and guidance for auditors and businesses in the current economic climate.

The Institute of Chartered Accountants in Australia

ICAA dedicated a new web page on the global economic downturn, which lists tools and guidance, latest news, leadership and lobbying, as well as a series of relevant articles. Posted elsewhere on its website is the response from the international and Australian reporting boards on the economic downturn.

The Institute also commissioned a report to provide insights into the factors involved in the United States sub-prime mortgage market collapse. The report includes the effects that the collapse had on financial statements of banks and other financial institutions.

The Institute of Chartered Accountants in England & Wales (ICAEW)

Issues at the forefront of financial reporting highlights the importance of disclosure and transparency, going concern and liquidity, and impairment and valuations in the current economic environment. 

The Institute's Financial Reporting Faculty helps members keep track of current developments in the financial reporting environment and offers them assistance on business reporting issues.

The credit crunch support web page organizes relevant information on the credit crunch. It contains an overview of current issues, support for accountants and help for businesses, as well as a blog from ICAEW Chief Executive Michael Izza.

The Institute of Chartered Accountants of Scotland (ICAS)

This web page links to a series of video interviews, including a discussion on fair value with Sir David Tweedie of the IASB and Conrad Hewitt, Chief Accountant of the US SEC.

The Koninklijk Nederlands Instituut van Registeraccountants (NIVRA)

Dossier Kredietcrisis contains a collection of relevant technical publications published nationally and internationally (mostly in English) from organizations, such as the IAASB, IASB, CESR, SEC, and FASB.

NIVRA also hosts a web page with news articles on the credit crisis (mostly in Dutch).

National Institute of Accountants (NIA)

The NIA issued the press release Keep an eye out for ‘credit crunch’ disclosures.