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At its May 2008 meeting, the IASB announced its plans for forming an expert advisory panel in response to the recommendations made by the Financial Stability Forum.
Objective
The panel will assist the IASB in:
- reviewing best practices in the area of valuation techniques, and
- formulating any necessary additional practice guidance on valuation methods for financial instruments and related disclosures when markets are no longer active.
The discussions of the panel members over the next few months will give the Board insight into the type and extent of additional guidance that might be necessary in this area and the form of any such guidance.
The discussions of the panel will provide input for the IASB’s work on financial instruments and fair value measurement. The panel’s views will be discussed with other interested parties before the Board makes any decision on guidance to be issued.
Membership
The expert advisory panel comprises experts from preparers and users of financial statements, as well as regulators and auditors.
Participants have been selected based on their practical experience with the valuation of financial instruments in the current market environment.
The following organisations are participating in the panel:
- AIG (American International Group)
- Basel Committee on Banking Supervision
- BNP Paribas
- Capital International Research Inc.
- Citigroup
- Deloitte
- Deutsche Bank
- Ernst & Young
- Financial Stability Forum
- Fitch Ratings
- Goldman Sachs
- HSBC
- International Association of Insurance Supervisors
- International Organization of Securities Commissions (IOSCO)
- KPMG
- Mizuho Financial Group, Inc.
- Pioneer Investments
- PricewaterhouseCoopers
- Swiss Re
- UBS
- Financial Accounting Standards Board (staff observer)
Process
The first meeting of the panel will take place on 13 June 2008.
For the first meeting the IASB has asked the participants of the panel to submit a description of practical issues experienced with the valuation and disclosure of financial instruments in the current market environment.
To ensure that the panel will be able to discuss freely the practical issues that have arisen in the crisis, this meeting will be held in private session. However, a summary of the meeting will be presented to the IASB at its June 2008 meeting and will be published on this Website. |