Financial Crisis – Accounting: Its Not Your Fault!
The Financial Crisis Advisory Group (FCAG), a body of leading experts formed in the wake of the global economic meltdown by American and International accounting rule makers, today published its recommendations. Although American and International standard setters have come under political pressure in the wake of the financial crisis to rethink their measurement and impairment rules the FCAG said the independence of standard setters should be maintained. The FCAG also said that accounting standards where not one of the root causes of …
The Financial Crisis Advisory Group (FCAG), a body of leading experts formed in the wake of the global economic meltdown by American and International accounting rule makers, today published its recommendations.
Although American and International standard setters have come under political pressure in the wake of the financial crisis to rethink their measurement and impairment rules the FCAG said the independence of standard setters should be maintained.
The FCAG also said that accounting standards where not one of the root causes of the financial crisis, but that weaknesses in accounting standards were highlighted by unfolding world events. The report effectively added that accounting should get its spandex superhero suit on though as it has an important role to play in the resolution of the crisis…
