IASB May 2008

The Board announced its plans for forming an expert advisory panel, as recommended in the report of the Financial Stability Forum (FSF), Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience. The FSF report recommends that the IASB should enhance its guidance on valuing financial instruments when markets are no longer active by creating an expert advisory panel that will assist it in:

• reviewing best practices in the area of valuation techniques, and
• formulating sound practice guidance on valuation methods for financial instruments and related disclosures when markets are no longer active.

The expert advisory panel will comprise experts from preparers and users of financial statements, as well as regulators and auditors.The discussions of the panel members over the next few months will inform the Board as to the type and extent of guidance that is necessary in this area and how any such guidance should be issued.