Earlier this month the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) published an announcement in which they explained their joint approach with regard to the reporting issues arising from the global financial crisis. Both stressed the need to work cooperatively and in an internationally coordinated manner. Following the joint announcement, the Financial Reporting Council has published a statement in which it sets out its position on the development of accounting standards and in which it defends the role of the UK's Accounting Standards Board. Whilst supporting the work of the IASB and FASB, the FRC states:
We also believe that other experienced accounting standard setters, such as the ASB, can contribute to developing high quality solutions. We will continue to work with the IASB to help them draw on the extensive experience of the UK financial reporting community".
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